Alantra completes an €18.5m refinancing of the Boho Club through its Real Estate Debt fund (“Alteralia RED”)
Date 20 June 2022
Madrid, June 20, 2022- Alantra, the independent global mid-market investment banking and asset management firm, is pleased to announce that it has completed the refinancing of the luxury boutique hotel Boho Club Marbella through its commercial real estate debt fund, Alteralia Real Estate Debt FIL (“Alteralia RED”), for a total amount of €18.5 million. This is the fourth investment closed by Alteralia RED.
The hotel is a c.21.000 sqm complex located in Marbella’s Golden Mile (Málaga, Spain), in one of the most sought-after touristic destination in Costa del Sol and Spain. Its restaurant has been recommended in Guide Michelin and the hotel was awarded the best luxury boutique hotel in Spain during 2021 by the Spain Luxury Hotel Awards.
Alteralia RED is providing a long term and bullet financing that will allow the owner, the Swedish company Quartiers Properties AB (publ), to reduce financing costs and to provide the flexibility to continue investing and developing other real estate assets in the Costa del Sol. Quartiers Properties AB (publ) is a publicly listed company in Sweden, trading at Nasdaq First North Growth Market under the ticker QUART since 2017, and is the sole owner of the property, the brand as well as the management company Boho Club.
The Transaction benefits from support by the EGF Guarantee Instrument, implemented by the European Investment Fund with the financial backing of the Member States contributing to the EGF.
Jaime Cano, Partner at Alantra Private Debt, highlighted: “we are delighted to provide flexible financing to the Boho Club in Marbella, a high-quality boutique hotel which benefits from positive market dynamics and good performance thanks to a combination of prime location and a sound value proposition. Leveraging on Alantra’s leading market positioning, Alteralia RED aims to become a trusted financial partner to European commercial real estate transactions.”
Marcus Johansson Prakt, CEO at Quartiers Properties AB (publ) continues: “This is a strategically important and well-timed transaction for us which signals a turning point for the company where we leave Covid-19 behind us and focus towards growth in the hotel sector. The solution offered by Alantra proved to be the most appropriate for us considering the terms, flexibility and loan size, even in comparison to offers from Spanish banks received during the fund raising process.”
“We have a unique position in the Spanish real estate market with a strong link to the agile Nordic capital market, in-house expertise in hotel and restaurant operations and an organisation that consistently demonstrates that we attract capital from leading Spanish and international institutions. We are now prepared for growth and intend to fully execute on that strategy in the coming years”, he adds.
Alteralia RED has been advised in this transaction by EY and Baker & Mackenzie while Quartiers Properties AB (publ) has been advised by Garrigues.
Briefly, Alantra’s Real Estate Debt fund provides loans ranging from €5 to €25 million on commercial real estate assets principally in Spain but can do up to 40% within the EU. The sub strategies includes offices, retail, hotels, logistics, student housing, co-living and other alternative assets. The financing may be used for different purposes including acquiring real estate assets, refinancing existing debt, funding for developing, renovation or repositioning works.
In Private Debt, Alantra has more than €1.2 billion in AUMs through its direct investment business and strategic partnerships.