European Real Estate Debt Fund
03 Jan 2012
Simmons & Simmons Advises on New European Real Estate Debt Fund
Simmons & Simmons has advised Chenavari Investment Managers on the establishment of a Luxembourg trading platform which is their first hedge fund to invest in European commercial real estate debt and preferred equity.
Chenavari Investment Managers is an alternative asset-manager specialised in European credit and debt markets with over $1.7bn assets under management.
This newly created Chenavari Real Estate Trading portfolio is targeting up to €250m of investment complementing the various other fixed income portfolios Chenavari Investment Managers manages, including corporate credit, asset-backed securities, structured credit and bank regulatory capital.
The Luxembourg vehicle will be used to significantly expand Chenavari's already successful investment strategy relating to investment in European real estate transactions and to offer investors in its hedge fund the opportunity to benefit from that investment strategy. Investment will predominantly be in the UK and Germany.
The Simmons & Simmons team was led by London corporate tax partner Nick Cronkshaw, together with London banking partner Mark Waghorn, German corporate tax partner Heiko Stoll and German financial markets partner Harald Glander, assisted by associates Hatice Ismail (corporate tax, London), Stefan Skulesch (corporate tax, Germany) and Norman Mayr (financial markets, Germany).
Sam Mellor, from the Chenavari Real Estate team, said: "The Simmons & Simmons team was really good to deal with – they were responsive and commercial. We are very pleased with the structure and are excited about the potential for our business and growing it with the help of trusted partners such as Simmons & Simmons."
Nick Cronkshaw said: "We very much enjoyed working with the Chenavari team and are looking forward to building on our relationship in the future."
Luxembourg law firm Elvinger, Hoss & Prussen assisted on the Luxembourg tax and regulatory sides.
Notes to editors:
1. We are a leading international law firm with fully integrated teams working through offices in Europe, the Middle East and Asia. The firm has a focus on four industry sectors: Energy & Infrastructure, Financial Institutions, Life Sciences and Telecoms, Media & Technology (TMT). The firm’s strategy is designed to ensure we provide our clients with high quality advice and deliver value through new ways of working.
2. Simmons & Simmons is an international legal practice carried on by Simmons & Simmons LLP and its affiliated practices. Accordingly, references to Simmons & Simmons mean Simmons & Simmons LLP and the other partnerships and other entities or practices authorised to use the name “Simmons & Simmons” or one or more of those practices as the context requires. The word “partner” refers to a member of Simmons & Simmons LLP or an employee or consultant with equivalent standing and qualifications or to an individual with equivalent status in one of Simmons & Simmons LLP’s affiliated practices. For further information on the international entities and practices, refer to simmons-simmons.com/legalresp
3. Visit our website at simmons-simmons.com or our award-winning online legal service at elexica.com.
4. Our international tax team comprises over 40 tax advisers based throughout our European offices.
5. Simmons & Simmons was ranked in the top 15 finance practices in The Lawyer UK 200 Report 2011. Our international team comprises of over 70 specialist banking advisors throughout our international offices.
6. For further information, please contact Sarah Cannon, Senior Communications & PR Executive on +44 20 7825 3962 or at firstname.lastname@example.org