Zenzic Capital

Zenzic Capital is a real estate credit and special situations investment manager established in 2014 by Nadine Buckland and Thomas Lloyd-Jones. The firm operates as a leading real estate credit specialist based in London, focusing on providing innovative and flexible capital solutions across the UK and Europe. Since its inception, the wider team at Zenzic Capital has collectively financed over $2 billion of real estate and asset-backed transactions. The company's foundation was driven by the increasing complexity within credit markets, which amplified the need for opportunistic credit strategies.

The investment philosophy of Zenzic Capital centers on developing innovative solutions for high-quality assets that encounter complex or liquidity-constrained scenarios. The firm possesses a deep fundamental understanding of underlying assets, creditor rights, and the factors that contribute to market dislocation. This approach is further strengthened by its diverse network of long-standing relationships established across Europe. Zenzic Capital specialises in special situations across various real estate asset classes, with a particular focus on the lower middle-market, where financing options are often more limited.

Zenzic Capital provides a range of structured financing solutions designed to meet the specific needs of borrowers throughout the UK and Europe. The firm has developed an extensive track record in offering both single-site and platform-level funding, covering acquisition, development, and opportunistic scenarios. Its lending activities span a diverse array of real estate sectors, including residential, industrial and logistics, senior living, hotels, and student accommodation. The company targets inefficient and underserved segments of the lower middle-market European real estate credit market, supporting sponsors and real estate groups through tailored financing.

A significant area of focus for Zenzic Capital is the purpose-built student accommodation (PBSA) sector. In January 2024, the firm launched a new UK PBSA strategy with a target portfolio Gross Development Value (GDV) exceeding £500 million, aiming to address the shortage of high-quality student housing. This strategy involves investing in existing stock and developing new assets. The company has already established a strong track record in the PBSA market, viewing it as a compelling conviction call due to factors such as growing student numbers, limited supply, and inflation-protected income profiles. This new strategy was seeded with the acquisition of five major schemes, totaling over £147 million in GDV, through a joint venture with Torsion Group, a residential developer, contractor, and operator. These initial schemes are located in Russell Group university cities and will comprise 817 beds upon completion, offering ensuite bedrooms, social, fitness, wellbeing, and study spaces. Two of these schemes, in Leeds and Nottingham, are newly built and fully let, while three new developments in Warwick, Nottingham, and Leeds are under construction, targeting BREEAM Very Good ratings for sustainability. The joint venture between Zenzic Capital and Torsion Group has also recently secured a £63 million refinancing for three stabilised PBSA assets in Warwick and Leeds, which provide 476 beds and are operating at 99% occupancy. This refinancing, provided by an affiliate of Cerberus Capital Management, replaces previous development loans and reflects the successful delivery and stabilisation of these assets. The firm continues to support the growth of its PBSA portfolio through further acquisition and development opportunities.