Goldman Sachs-backed London retirement living developer Riverstone has secured a £99m (€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, ”underscoring the fundamental strength of the sector with a large imbalance between supply and high demand due to the UK’s ageing population”.
Filippo Alessandria of Cheyne Capital said: “We have strong conviction in Riverstone’s model and in the growth potential of high-quality, assisted living in prime locations.
“With 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.
“Identifying 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.”
Simon Loveridge, Riverstone CFO, said: “Securing development finance for Fulham Riverside through Cheyne Capital is another endorsement for the growing appeal of over-65s living and the Riverstone model.
“At Riverstone we plan to acquire a prime London pipeline over the next five years, putting us at the forefront of the UK’s opportunity to create a world-class retirement living sector to match locations such as the US, Australia and New Zealand.”
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.
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