Goldman Sachs-backed London retirement living developer Riverstone has secured a 拢99m (鈧�115m) development finance facility from Cheyne Capital.
Cheyne Capital said the Fulham Riverside development debt facility is one of the largest single asset financings in the UK over-65s living market, 鈥漸nderscoring the fundamental strength of the sector with a large imbalance between supply and high demand due to the UK鈥檚 ageing population鈥�.
Filippo Alessandria of Cheyne Capital said: 鈥淲e have strong conviction in Riverstone鈥檚 model and in the growth potential of high-quality, assisted living in prime locations.
鈥淲ith COVID-19 having accelerated a multitude of irreversible trends in the way we live and work, there will continue to be a shift in the way real estate assets are used.
鈥淚dentifying strong sponsors who can provide solutions to areas of growing demand continues to be a key focus for us, particularly in identifying senior-lending opportunities in value-add or development assets.鈥�
Simon Loveridge, Riverstone CFO, said: 鈥淪ecuring development finance for Fulham Riverside through Cheyne Capital is another endorsement for the growing appeal of over-65s living and the Riverstone model.
鈥淎t Riverstone we plan to acquire a prime London pipeline over the next five years, putting us at the forefront of the UK鈥檚 opportunity to create a world-class retirement living sector to match locations such as the US, Australia and New Zealand.鈥�
Riverstone is developing two major sites in London, in Fulham and Kensington, which are due for completion in 2022, and has a near-term pipeline of several further sites.
To read the digital edition of the latest 麻豆映画 Real Assets magazine click here.
