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What We Do

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Our investment types focus mainly on credit, but with the ability to exploit any point in the capital stack.  Senior loans and senior bonds are the bedrock of our investing with selective mezzanine loans, typically structured with upside optionality.  We also look at distressed opportunities – typically low entry basis and consensual resolution paths with control, and select direct assets – German multifamily being the largest.

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Senior Loan

Top of the capital structure

Typically 0-65% loan-to-value (LTV)

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Mezzanine Loan

Below senior debt in the capital structure

Typically 65-85% loan to value (LTV)

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Listed Credit

Loans and mortgages structured as bonds

Listed on various exchanges

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Special Situations and Preferred Equity

Quasi equity, control investing, distressed debt

Typically 85% loan to value (LTV)

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Direct Asset Investing

Equity strategy 

Ownership of asset at deal initiation 

Cognisant that a challenging global macro backdrop is here to stay, we aim to focus on defensive entry points, capable of weathering significant retrenchments in value and liquidity, whilst ensuring robust governance and control is in place.  We look for viable business plans with multiple paths to exit and work with established, capable sponsors.  We eschew long duration “core” in favour of short to mid-term exit plans with significant value creation (“value-add” / “transitional”).

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Core/Core+

Stabilised, fully leased, cash flowing assets in major core markets

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Value Add

Assets which alter business plan to seek an increase in cash flow by improving or repositioning the asset

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Development

Development projects

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Opportunistic

Assets in need of significant enhancement in order to realise their potential.  This strategy also includes strategic land opportunities.

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Real Estate Op-Co/Prop-Co Loan

Loans secured by a real estate company, not its individual properties

Our preference is for non-cyclical/thematic asset classes, with a focus on mid-market and affordable accommodation, offices, and light-industrial/logistics.

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Residential

  • Housebuilders
  • Student Housing
  • Multi-family
  • Apartments
  • Build to Rent (PRS)
  • Build to Sell
  • Co-Living / Micro-living
  • Modular homes
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Student Housing

  • Purpose built developments
  • UK and Europe
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Industrial

  • Logistics
  • Light Industrial
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Senior Living & Healthcare

  • Retirement homes
  • Nursing homes
  • Specialist care
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Social & Affordable Housing

  • Low Income Housing
  • Mixed Tenure
  • Supported Living (eg learning disability)
  • Independent Living (eg homes for the elderly)
  • Open Market Purchase
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Hospitality

  • Hotels
  • Serviced Accommodation
  • Leisure
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Mixed Use

Developments which include a mix of

  • Residential
  • Office
  • Retail
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Office

  • Across the UK and Europe
  • London value-add

We manage the following investment products:

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Closed Ended Credit Strategies Real Estate Credit Holdings
INCEPTION 2011
ASSETS UNDER MANAGEMENT USD 3.8BN
  • Focus on UK and developed European markets across all strategies: Core, Core+, Value-Add & Opportunistic
  • Investments centred around short term catalysts to significant value addition and exit
  • Robust loan structuring providing control
  • Short duration Investments
  • Capital preservation as a core overarching focus
  • A compelling risk-return profile
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INVESTING IN

  • Senior and Mezzanine Loans
  • Listed real estate bonds such as Commercial
  • Mortgage Backed Securities (CMBS)
  • Special Situations
  • Pref Equity and
  • Direct Asset Purchase
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Listed Public Vehicle Investing In Real Estate Loans and Bonds Real Estate Credit Investments Ltd (RECI)
INCEPTION 2010
ASSETS UNDER MANAGEMENT USD 415MN
  • Defensive credit exposure to UK and European real estate markets
  • Stable dividends
  • Highly diversified portfolio
  • Transparent and conservative leverage
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INVESTING IN

  • Senior and mezzanine loans
  • Listed real estate bonds such as Commercial Mortgage Backed Securities (CMBS)

Visit the RECI website

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A Long Term Proposition For The Provision of Housing and Care in the UK UK Impact Real Estate
INCEPTION 2014
ASSETS UNDER MANAGEMENT USD 229MN
  • Long-term investments aimed at delivering a stable yield to investors
  • Developing and investing in UK residential property aimed at delivering long-term impact for key demographics
  • Investments range across general needs housing for key worker, affordable and social rent in addition to sheltered & supported accommodation, and senior care for the elderly
  • Operated by quality counterparties and commercial organisations to provide best in class service
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INVESTING VIA

In-House Development, Forward Funding & Acquisition

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Open Ended Credit Strategy Real Estate Debt
INCEPTION 2009
ASSETS UNDER MANAGEMENT USD 259MN
  • Focus on Core/Core+ assets
  • Cash-generating assets in high quality locations in Western Europe
  • Robust downside protection
  • Short maturity profiles
  • Weighted average life of approximately 3 years
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INVESTING IN


Listed real estate bonds such as Commercial Mortgage Backed Securities (CMBS)

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Customised Mandates Separately Managed Accounts (SMAs) / Funds of One
INCEPTION 2020
ASSETS UNDER MANAGEMENT USD 243MN
  • We work alongside our investors to tailor solutions which best meet the needs of the investor.
  • Customisable mandates in terms of investment strategy, objectives and restrictions.
  • May invest alongside other funds managed by Cheyne in the same underlying transactions.
  • Typically considered for investors willing to commit GBP100 million to a customised mandate.
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Co-Investment / Adjacencies
  • Cheyne sees compelling investment opportunities across the real estate capital structure thanks to our presence in the market.
  • Typically for larger global investors interested in analysing deals which do not fit into Cheyne’s managed commingled funds nor SMAs.
  • A particular transaction could be either too large for our funds to take 100% of the deal, or not fit the investment strategy of our mandates.
  • In these instances we are happy to engage with interested investors who are able to proceed on a co-invest basis.
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A Long Term Proposition For The Provision Of Affordable Housing In Germany German Multi-Family Equity
INCEPTION 2019
ASSETS UNDER MANAGEMENT USD 98MN
  • The platform invests directly into German residential housing
  • Focused on overlooked assets in secondary cities and small to medium transaction sizes
  • The platform aims to buy at a discount to replacement cost of circa 65%
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INVESTING IN

Direct Asset Purchases

To learn more about our products, feel free to contact us Contact Us
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