London-based real asset merchant bank CBE Capital has secured a 95m EUR Greek senior bond loan facility from Piraeus Bank in Athens for its club-deal investment into a new Six Senses Hotel and branded residences to be developed in Porto Heli on the Greek mainland.
The EUR 150m development, which is already being enlarged by purchasing additional adjacent land, is equity-financed by a joint venture between CBE Capital, Golden Land Goutos, which is owned by the Greek Goutos family, the New York-based Taconic Capital Advisors, and London-based Cedar Capital Partners.
The new development will have 60 hotel suites and 12 branded residences in the ultra-luxury segment. The property is in two private bays in the elegant municipality of Ermioni, with the famous islands of Spetses and Hydra within its sight lines.
Geza Toth-Feher, Managing Partner of CBE Capital, said, “Our Greek debt transaction bucks a trend in the Eurozone and the US. It shows that high-quality transactions, despite difficult market conditions, can still be financed. We are looking forward to working with Piraeus Bank on financing the Six Senses Porto Heli.
Mr Theodore Tzouros, Executive General Manager and Chief of Corporate and Investment Banking of Piraeus Bank, added, “The financing of this Project is in line with Piraeus Bank’s long-term strategy and commitment to supporting new investments in the hospitality sector that contribute decisively to Greek economic growth. At Piraeus Bank, we are proud to financially support the development of the first “Six Senses” Resort in Greece.”
CBE Capital is a boutique merchant banking firm based in Mayfair, London. It works in the sectors of private equity, real estate, and debt financing. CBE Capital sources, structures, and arranges private equity investments in the form of club deals.
Its preferred sectors are real assets, predominantly managed accommodation such as hotels and resorts, student accommodation, and hospitals. Other sectors include shipping, aviation, and financial institutions.
You must be logged in to post a comment.