European Real Estate

Key Features

The Real Estate strategies provide financing solutions to the European real estate sector, having executed more than €1 billion of deals across 35+ transactions. These range from senior debt to mezzanine and preferred structured equity. The Firm employs a solutions-oriented and relationship-driven approach to the middle market, underwriting transactions from €15 million in size.

Investment Strategy

  • Middle market focused, where supply/demand imbalances persist and provide for a lender-friendly environment
  • Active across the capital structure including senior, mezzanine, preferred and structured equity
  • Investments collateralised by traditional and alternative asset classes including transitional and development opportunities
  • European mandate including the United Kingdom, Western Europe, and CEE

Differentiated Approach

  • Swift Execution - streamlined and efficient approval process to provide clients with the execution certainty they require
  • Flexibility - investment across the capital structure, providing solutions to fit the issues at hand
  • Complexity - willingness and capacity to digest complexity
  • Focused Investment Thesis - focused on investment opportunities collateralised by commercial real estate
  • Established Origination Network - leverages a diverse network to source the majority of investment opportunities on a direct basis
  • Risk Management - Extensive risk management experience demonstrated throughout market cycles

Distinct Mandate and Extensive Experience

Parameters Opportunistic Strategy Income Strategy
Investment Size €15 - €50mm €15 - €100mm
Target Products Whole Loans
Mezzanine Loans
Preferred/Structured Equity
Special Situations Capital
Whole Loans
Mezzanine Loans
Loan to Value No Limitations 80%
Target Jurisdictions Pan-European Pan-European
Term 1 to 5 years 1 to 5 years
Asset Classes All Asset Classes
Operational Real Estate
All Asset Classes
Operational Real Estate
Light Refurbishments
Illustrative Pricing ≥ 10.0% 5.0% - 9.0%
Portfolio Managers
Imo Skrzypczyk
Portfolio Manager, European Real Estate

Imo joined Tyrus Capital in 2019 from Starz Real Estate. Prior to joining Starz, Imo worked for Tyndaris and Bank of America Merrill Lynch where he started his career in the EMEA real estate, gaming and lodging investment banking team and later moved to the European real estate structured finance group. He has wide experience in structuring and executing public and private real estate transactions across asset classes, jurisdictions and investment products including senior loans, mezzanine and preferred equity, loan-on-loans and securitisations. Imo holds a BSc in Business Administration from EBS University for Business and Law in Oestrich-Winkel, Germany.

Enrique Zouein
Portfolio Manager, European Real Estate

Enrique joined Tyrus Capital from Tyndaris. Prior to joining Tyndaris, Enrique worked for Kildare Partners and H.I.G. Capital as part of their distressed principal investments team, having started his career at Houlihan Lokey in their special situations group in Europe. He has extensive knowledge in structuring and executing real estate and corporate transactions across asset classes, jurisdictions and investment products including preferred equity, mezzanine and senior debt, NPLs, secondary loans and direct equity. Enrique holds a BSc in Business Administration from ICADE University in Madrid.

Selected Case Studies
£23mm | Preferred Equity
Mixed | Dundee, United Kingdom
€37mm | Whole Loan
Industrial | Stuttgart, Germany
€45mm | Whole Loan
Office | Hilversum, Netherlands
€21mm | Preferred Equity
Retail | Multiple Cities, Poland
£12mm | Mezzanine
Office | London, UK
€24mm | Whole Loan
Residential | Berlin, Germany
€24mm | Mezzanine
Hotel | Barcelona, Spain
£30mm | Mezzanine
Hotel | London, United Kingdom
€15mm | Preferred Equity
Hospitality | Malaga, Spain
€15mm | Mezzanine
Hospitality | Puglia, Italy
€14mm | Preferred Equity
Shopping Centre | Alicante, Spain
€17mm | Whole Loan
Shopping Centre | Madrid, Spain
€15mm | Preferred Equity
Office | Multi-City, Netherlands
€34mm | Whole Loan
Office | Paris, France
€11mm | Preferred Equity
Office | Lisbon, Portugal
€64mm | Mezzanine
Office | Berlin, Germany
€16mm | CMBS Purchase
Mixed Use | Multi-City, Germany
€14mm | Mezzanine
Residential | Berlin, Germany
€17mm | Mezzanine
Residential | Malaga, Spain
€14mm | Whole Loan
Retail | Catalonia, Spain