ESR Europe, the European platform of ESR Group, has closed an €18.1 million loan to finance BF Group’s acquisition of a 19th-century residential palace on Lisbon’s prestigious Avenida Liberdade.
The financing package also includes the refinancing of two adjacent properties already owned by BF Group: a fully leased office building and a residential block.
The transaction is the fifteenth investment for ESR’s flagship European real estate debt fund, ESR Real Estate Debt Fund II, formerly known as Venn Commercial Real Estate Fund II, which launched in 2020. The fund continues to effectively recycle capital from the successful repayment of previous loans, reinforcing its commitment to high-quality investment opportunities.
The prime location coupled with the unique collection of properties backing the Fund’s loan exemplifies the kind of opportunities we seek for our investors.
Pablo Calvillo, Managing Director of Debt Investments at ESR Europe, comments: “We are delighted to support BF Group with this landmark acquisition and look forward to our continued partnership in the years to come.”
Paul House, Co-Head of Debt Investments at ESR Europe, says: “The prime location coupled with the unique collection of properties backing the Fund’s loan exemplifies the kind of opportunities we seek for our investors. We are pleased to support BF Group in this acquisition and further strengthen our presence in Iberia, a market which we entered it in 2020 and continues to be attractive for real estate debt investments.”
Antonio Silva, CEO of BF Group, adds, “This acquisition marks a significant milestone for BF Group as we expand our portfolio with a property of historic and cultural importance, and we are grateful for ESR Europe’s support in realising this vision.”
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