FINANCE: Private Equity fund Tyndaris has closed its first real estate fund and expanded its teams in Germany.
The fund has commenced deployment of the €350m of capital with the acquisition of two properties in the UK.
The first investment was a hotel in King’s Cross and the second was an office building in Westminster that will be converted into residential properties. The deployment cost of the acquisitions was £28m and Tyndaris has employed a loan to value across the two properties of 69%.
In addition to its investment activities, Tyndaris has expanded its team with two new hires and the promotion of one team member to partner.
Daniel Stengel and Niklas Hartmann join the business to expand the fund’s coverage of the German markets.
Stengel joins from Wilkie Farr & Gallagher and will serve as general counsel. At his previous firm Stengel was special European counsel and has more than 10 years’ experience in cross-border transactions.
Hartmann joins the team as investment analyst reporting to newly promoted David White, who is now a partner.
