Alantra has reached the first close of its new real estate debt fund, Alteralia Real Estate Debt, with commitments of over €30 million. The fund is backed by an investor base mainly consisting of institutional as well as private banking investors.
According to Luis Felipe Castellanos, Managing Partner at Alantra Private Debt: “We have accomplished the first closing of the fund to carry out two investments that are at an advanced stage. Having achieved this first closing in the current market context confirms that our value proposition is well positioned both for our investors and for those companies seeking flexible long-term financing. We hope to make subsequent fundraisings until the vehicle’s target size, above €100 million, is reached by the end of this year”, adds Castellanos.
The vehicle will offer loans of between €5 and €15 million on real estate assets, mainly commercial, such as offices, retail, hotels, logistics, student residences, as well as other alternative assets. These loans may be used for different purposes such as the acquisition of real estate assets, refinancing of existing debt, funding for renovation or repositioning works.
This milestone represents a further step in the objective of developing Alantra’s private debt division, its three investment strategies and the geographies covered. The firm currently manages around €350 million in its three private debt vehicles and has completed 20 investments since 2015 and invested over €250 million, being one of the most active firms in this segment in the Spanish mid-market.