TenFifty Capital, a new European-focused commercial real estate lending platform for the small- and mid-market space, announced its official launch.
TenFifty begins operations with presence in Amsterdam, Berlin, London and Madrid, and it will invest throughout core European markets. TenFifty, which is being launched in alliance with the global alternative asset manager Apollo (NYSE: APO), will focus on loans ranging from $11 million to $58 million and the firm plans to originate $1 billion to $2.3 billion of loans in its first year.
“I’ve long held the belief that the small and mid-market European CRE debt space is often neglected and ripe for improvement,” said founder and CEO Hugh Fraser. “TenFifty Capital exists to address that gap, with a genuinely pan-European platform dedicated to supporting this sector of the market. I’m thrilled to be working with a company of Apollo’s caliber, having experienced first-hand the strength of their balance sheet, but more importantly, the strength of the Apollo team’s approach to building long-term partnerships. In 2017, Apollo was the first lender to support a UK Retail warehouse strategy I was leading at that time, and they quickly became one of our most reliable. Forming genuine, lasting partnerships with our borrowers is a key principle of how TenFifty conducts its business, and this alignment in approach and vision is exciting for us all.”
Ben Eppley, partner and head of real estate credit in Europe for Apollo, added, “Hugh has earned a remarkable reputation in the European real estate market. We have worked with him for many years and are pleased to now formally partner with the launch of TenFifty as a new, high-performing platform. At Apollo, as one of the largest non-bank commercial real estate lenders in Europe, we believe this small and mid-market strategy will be highly synergistic with our broader real estate credit business and enhance Apollo’s granular origination capability, while maintaining a focus on first lien mortgages secured by high-quality assets and institutional borrowers.”
