Cheyne Capital Backs Portopiccolo with €26M Financing

Cheyne Capital, a global alternative investment manager based in London, has provided a €26 million senior loan to refinance a portfolio at Portopiccolo Sistiana on Italy's Gulf of Trieste.

The portfolio includes a luxury hotel, residential and retail units, and parking facilities. Portopiccolo Sistiana is a car-free destination in northern Italy that combines hospitality, residential and leisure uses.

Portfolio Includes 58-Room Tivoli Hotel

The portfolio centres on the 58-room Tivoli Portopiccolo Sistiana Wellness Resort & Spa. The hotel operates under the Tivoli Hotels & Resorts brand of Minor Hotels.

The portfolio also includes residential and retail units and parking. The hotel holds LEED Platinum and WELL Platinum certifications. Every residential unit in the portfolio has an A or A+ EPC certificate.

Portopiccolo Built on Former Limestone Quarry

Portopiccolo Sistiana was developed on the site of a limestone quarry that was abandoned in the 1970s. The site is located within the Duino Cliffs Nature Reserve.

The destination was developed as a village of homes, shops and restaurants around a marina. It is also described as a car-free destination on the Gulf of Trieste.

H.I.G. Capital Acts as Project Sponsor

Affiliates of H.I.G. Capital, a global alternative investment firm and real estate investor, are the sponsors of the portfolio.

H.I.G. Capital brings a 33-year track record of completing complex real estate transactions, according to the announcement.

Also Read: Sandberg Capital Enters Czech Residential Property Market

Cheyne Highlights European Hospitality Investment

Daniel Schuldes, Co-Head of European Real Estate at Cheyne Capital, said Portopiccolo Sistiana combines an established luxury hotel, residential accommodation and extensive leisure amenities.

He said the financing reflects Cheyne Capital's continued focus on well-located European hospitality and residential assets and noted the company's work with H.I.G. on the next phase of the project.

Legal Advisers on the Transaction

A&O Shearman acted as legal adviser to Cheyne Capital. White & Case and Gitti and Partners acted as legal advisers to H.I.G.

Also Read: CTP Leases 24,400 Sqm to Romstal at Bucharest South

Adriatic Destination Secures New Financing

The €26 million senior loan refinances the portfolio comprising the Tivoli Portopiccolo Sistiana Wellness Resort & Spa, residential and retail units, and parking.

The financing highlights the combination of hospitality and residential assets within the Portopiccolo destination. The development brings together a five-star spa hotel, homes, shops, restaurants and a marina within the former quarry site.

The announcement does not disclose the detailed terms of the debt or the specific scope of the next phase of the project.

Enjoyed this update? Visit PropTech Pulse for more real estate news, investment insights and property market trends.