Fiera Real Estate UK is to launch a pan-European real estate debt strategy and has made two senior hires to lead the project.
The firm appointed Richard Howe and David Renshaw from Cheyne Capital to set up and run the strategy which has already received £250 million ($282 million; €287 million) of seed commitments and is expected to launch in Q1 2023. Both have become managing directors at Fiera.
Fiera said it wants to broaden its product offering for investors and exploit an opportunity to take advantage of a growing funding gap in European real estate private credit.
Howe and Renshaw worked together for five years on Cheyne’s real estate debt team. Prior to Cheyne, Howe held positions at Chenavari Investment Managers, Lloyds and Anglo Irish Bank. Renshaw has previously worked at Grainger, Kintyre Investments and Lloyds Banking Group. The pair have more than 30 years of combined experience and have originated and underwritten more than £2 billion of debt and equity investments during their careers.
Fiera already has established real estate debt platforms based in Asia-Pacific and Canada and will utilise their expertise to generate synergies with the European operation.
The strategy will be able to invest across multiple asset classes within real estate debt, including residential, logistics, offices and leisure assets. It will focus on the UK market initially before expanding into European markets. Investments will need to meet the environmental and social requirements of Fiera’s sustainability policy.