Tyndaris Real Estate, a London-based real estate debt fund manager, has closed its debut fund on €350 million and has deployed £28m (€39m) of the capital on two investments in London. In addition, the firm has added two to its investment team.
Tyndaris targets whole loans, mezzanine and subordinate loans, special situations capital and preferred equity in real estate and is aiming at putting upwards of €10m into each type of investment.
“We are delighted to have a successful fund raise behind us. Our capital base allows us to maintain the pace of our investment activities and expand our pipeline,” commented Clark Coffee, head of Tyndaris Real Estate.
The firm’s first two transactions in the UK were both in Central London, the first for an upscale hotel in Kings Cross. The second was for an office building in Westminster, which will be converted into residential flats.
Following these transactions, over 80% of Tyndaris Real Estate’s investments are concentrated in its core markets of the UK and Germany. The weighted average loan-to-value of the portfolio stands at 69%.
To bolster the firm’s German presence it has promoted former Deutsche Bank alumni David White to partner and has hired Daniel Stengel and Niklas Hartmann. German Stengel will work as general counsel for the business, joining from law firm Willkie Farr & Gallagher. Hartmann, also a German native, has joined as an investment analyst reporting to White.