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Fiera Real Estate European Debt Fund

Factsheet
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Fund Type
Open Ended
Geography
Pan-European
Target Return
10%+ Net IRR
Sector
Agnostic
Investment Approach

The Fiera European Real Estate Debt Fund (“FERED”) seeks to capitalise on the dislocation within the European commercial real estate debt market by providing bilaterally originated, senior secured real estate debt to institutional
grade sponsors. The aim of the Fund is to provide investors with attractive semi-annual dividends of >4% p.a. with capital preservation as the core overarching focus. This will be achieved by ensuring each senior debt investment benefits from first ranking security and tailored covenant packages with clearly defined pathways to exit.

Target returns are not guaranteed. Inherent in any investment is the potential for loss.

Factsheet
  • Please fill out this form to access this PDF.

  • Self-Certification
    The information provided in this document is reserved for professional and institutional investors only and is not intended to be viewed in the United States or by US Persons.

    By clicking “I accept” you:

    • are a professional client as defined by the Financial Conduct Authority in the United Kingdom (COB 3.5).
    • are not a US Person (including being a US citizen or resident, or company incorporated under US law).
    • acknowledge and agree to the terms of the Privacy Policy.
Key Principles

The Fund is well positioned to capitalise on the dislocation in the market:

Market Fundamentals:

  • There is a growing funding gap in European real estate private credit as regulatory pressures restrict the mainstream capital providers.

Rising Interest Rates:

  • An increased opportunity to lend on a core+ product, while still seeking target returns.

Wall of Refinancing:

  • Has been exacerbated by covenant breaches, leading to significant refinancing opportunities.
Characteristics

Investment characteristics of the Fund:

Stability
Fixed rate returns
and a contractual
income stream
Downside Protection
Senior secured debt
at a 55% LTV
Real Asset Security
Benefits from
mortgages over real assets
Diversity
Complimentary asset class
to RE equity with
low correlation

ESG

The Fund’s sustainability strategy:

  • Article 8
    The Fund is classified as Article 8 under SFDR and will promote environmental and social characteristics through its approach to lending.
  • Proprietary Lending Framework 
    The Fund will use Fiera Real Estate’s Sustainable Lending Framework to consider the ESG position for all potential borrowers/sponsors, as well as the ESG characteristics of each project. In order to be eligible for a loan, each project needs to score above a certain threshold. If a project doesn’t meet this requirement, unless there is an exceptional circumstance, the loan will either not be proceeded with or the Fund will work with the borrower/sponsor to improve the score to the necessary level.
  • Net Zero Carbon 
    The Fund is committed to being Net Zero Carbon (NZC) by 2035 in line with Fiera Real Estate’s broader NZC commitment.
Key Personnel
Prior to joining Fiera Real Estate, David held a senior position in the pan-European real estate debt team at Cheyne Capital where he was responsible for originating new debt investments, underwriting c.€500m of new deals over 24 months and launching the Iberian lending platform. At Fiera Real Estate, David is responsible for fund management and overall strategy of the debt business, leading on capital raising, governance and portfolio risk management.
Prior to joining Fiera Real Estate, Richard held a senior position in the real estate debt team at Cheyne Capital, focussing on UK origination and execution. Prior to Cheyne, Richard worked for 5 years at Chenavari Investment Managers, sitting in their real estate debt business focussing on whole loan and preferred equity investments. At Fiera, Richard’s core focus is on new business origination and deal structuring.

The key driver behind the launch of the Fund is to broaden the product offering available to Fiera Real Estate’s investors by giving them exposure to an asset class that has proven resilient through cycles and the ability to take advantage of the growing funding gap in European real estate private credit. The asset class can offer investors the potential for attractive yields, stability of income, shorter tenors compared to many other private credit areas, as well as high quality security and robust governance and controls to mitigate downside risk.

The new management team boast a significant track record of lending into the European real estate market across multiple asset classes and legal jurisdictions. This solid experience coupled with their deep network will offer investors the opportunity to secure compelling risk-adjusted returns at conservative leverage positions within the overall capital structure.

Fiera Real Estate Debt Platform's Sustainable Development Goals (SDGs) commitments

In 2015, all UN Member States adopted the 2030 Agenda for Sustainable Development. Underlying ‘Agenda 30’ are 17 Sustainable Development Goals (SDGs), which address the urgent call to end extreme poverty, fight inequality and injustice and to protect our planet. The targets we have set for ourselves in order to meet our ESG commitments have been aligned with a number of these SDGs, but we have placed particular focus on the below:

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Why Choose Fiera Real Estate?

Leading Global Asset Manager

Part of Fiera Capital, the leading global asset manager with USD117bn in AUM and over 850 employees

In-house Real Estate Expertise

Over £5bn transaction track record across core and value add strategies

Extensive Granular Network

UK operating partners providing unique access to deal flow

Long Term Trust

>30-year track record of creating value from an established management team

ESG

Heavy focus on social responsibility, sustainability and governance. Signatory UNPIRI and GRESB

Strong Origination Capabilities

Deep bilateral origination network across the UK and Europe allowing 1st look at off-market transactions

Evaluating Risk & Return

Rigorous approach to risk management, portfolio construction and diversification

  • Please fill out this form to access this PDF.

  • Self-Certification
    The information provided in this document is reserved for professional and institutional investors only and is not intended to be viewed in the United States or by US Persons.

    By clicking “I accept” you:

    • are a professional client as defined by the Financial Conduct Authority in the United Kingdom (COB 3.5).
    • are not a US Person (including being a US citizen or resident, or company incorporated under US law).
    • acknowledge and agree to the terms of the Privacy Policy.