€3.4B real estate fund targets European assets

The fund was launched in 2024 with a seed investment from a Middle Eastern sovereign wealth fund and has since developed into a mature investment platform, with 73 underlying loans, 16 of which have already been repaid or realised.

The majority of the financing consists of senior loans, secured against properties across a range of sectors, from core and core-plus assets to value-add properties and development projects.

Across Eight European Markets

The CRECH IX portfolio spans the United Kingdom, Spain, France, Italy, Portugal, Ireland, Sweden and Belgium, covering a broad cross-section of the European real estate market.

The financing includes, among other asset classes:

• hotels,
• office buildings,
• student accommodation,
• residential properties,
• mixed-use properties.

More than 50% of investor commitments has already been deployed into the respective loans, highlighting the rapid pace at which the portfolio has been built.

More Than €6 Billion in Lending Over Three Years

Cheyne Capital originated more than €6 billion in loans between 2023 and 2025, placing it, according to reports by PERE, among the most active alternative lenders in the European real estate market.

Ravi Stickney, Managing Partner and CIO of Real Estate at Cheyne Capital, noted that demand for large-scale and reliable financing solutions in the European real estate sector remains particularly strong.

According to Stickney, the pace at which CRECH IX and its affiliated investment vehicles are expanding reflects the need for capital in a market that has experienced a supply-demand imbalance in real estate financing for several years.

Cheyne estimates that the withdrawal or retrenchment of other sources of capital, combined with a long-term inflationary and volatile environment, is strengthening the role of alternative lenders.

CRECH IX capital is being used for the creation and repositioning of income-producing real estate, the redevelopment and repurposing of non-performing assets, as well as the recapitalisation of unsustainable capital structures.

Shift Towards Larger Transactions

For his part, Stuart Fiertz, co-founder and Chairman of Cheyne Capital, stressed that the new fund enables the company to maintain its focus on larger transactions, where it believes there is less competition from other lenders.

At the same time, the strategy allows Cheyne to work with large and experienced borrowers capable of supporting financing with substantial equity investments in the properties they own.