Dunas Capital Real Estate, an independent real estate asset management platform, has successfully closed a c.€50 million financing agreement with the global alternative asset manager, Cheyne Capital Management (UK) LLP (“Cheyne Capital”), to support the development of the PTL- Logistics Park in Noblejas, Spain.
Located 50km to the South of Madrid with a total area of 338 Hectares, PTL-Noblejas is designed to create large size land plots, suitable for large format logistics and industrial platforms. The resulting plots will range between 30,000 sqm and 500,000 sqm in size, with the flexibility to adapt to tailor-made reallotments. The project has met all planning approvals and work is due to begin with immediate effect.
PTL-Noblejas stands on a strategic location in the Iberian Peninsula, being at the crossroads of four main highways, the A-4, the A-40, the AP-36 and the R-4. The centrality of the location, together with its proximity to the ports at Valencia and Algeciras, makes PTL-Noblejas an attractive site for Iberian distribution warehouses.
The Project is designed to comply with high ESG standards. The site itself will be one of a few BREEAM certified logistics parks in Europe, which will allow tenants to achieve top environmental certifications. Additionally, PTL-Noblejas will be powered by a PV-solar energy plant, will use ecological materials for the construction of roads, includes more than 34 hectares of parks, 200,000 sqm of plots destined for sport facilities and services, implements rainwater recycling technologies and will have electric vehicle charging stations.
Javier Quintela (Madrid) and Daniel Schuldes (London) of Cheyne Capital said, “Spain is a region in which we have been very active in recent years, and we continue to see a wealth of opportunities in the region. We are pleased to be expanding our presence through this development with Dunas Capital Real Estate, and look forward to seeing this project come to life.”
Rafael de Andrés and David Angulo, principals at Dunas Capital concluded, “This is surely the most important transaction in the development of logistics land in Spain in 2023 and the loan provided by Cheyne Capital secures the placing on the market of a large amount of quality logistics surface in the next two years, which has great demand from operators and retailers”.
About Dunas Capital
Dunas Capital is the leading independent privately owned asset management platform in Spain, managing investments in liquid, real estate and alternative assets. The group offers investment solutions through a catalogue of products with a high degree of innovation and excellence. Its team of professionals has extensive experience both in the financial markets and real assets, and accrues a significant track-record in sectors such as banking, insurance and asset management. Dunas Capital Asset Management is a regulated manager and has a license from the National Securities Market Commission to carry out its activity in Spain.
About Dunas Capital Real Estate
Dunas Capital Real Estate, belonging to Dunas Capital group, can operate throughout the Iberian territory as manager and/or local minority partner for national and international investors. The firm has extensive experience in partnerships with real estate funds, as evidenced by the "joint ventures" with KKR and Partners Group in the hotel and residential sectors for Spain, respectively.
Dunas Capital Real Estate management team accrues more than 1,000,000 sqm of logistics buildings developed to date. In addition to the PTL - Noblejas, Dunas Capital Real Estate is currently also managing the “Alma-Meco Logistics Park” project in Spain, which has more than 2,000,000 sqm of gross land area under development.
About Cheyne Capital Real Estate
Founded in 2000, Cheyne Capital is one of Europe’s leading alternative investment managers and is headquartered in London. With an investment philosophy grounded in rigorous fundamental analysis, the firm’s areas of expertise are Real Estate Debt, Impact Real Estate, Strategic Value Credit, Investment-Grade Credit, and Equity-Linked investing.
Real Estate investments account for approximately half of Cheyne’s $11 billion of AUM. Cheyne has provided financing solutions for real estate since 2009 across direct real estate lending, securitised European real estate debt and selective special situations, including impact real estate investments in affordable and specialist housing. In real estate lending, Cheyne seeks to provide specialised non-bank loans to borrowers in select European markets, with a flexible approach that enables it to invest into all parts of the capital structure.
Cheyne Capital Management (U.K.) LLP is authorised and regulated in the U.K. by the Financial Conduct Authority and registered as an Investment Adviser in the U.S. by the Securities and Exchange Commission. Cheyne Capital SMC Limited is an Alternative Investment Fund Manager authorised by the Central Bank of Ireland under the European Union (Alternative Investment Fund Managers) Regulations 2013. Cheyne is a signatory to the United Nations-supported Principles for Responsible Investment (PRI), a member of the Alternative Investment Management Association (AIMA), a founding member of the Alternative Credit Council and one of the initial signatories to the Standards Board for Alternative Investments (SBAI).
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