Portfolio

Crosstree Portfolio: Riverwalk

Riverwalk

  • Date Acquired: November 2012
  • Size: 149,000 ft²
  • Sector: Prime Residential Development
  • Status: Under Development
  • Parnter: Ronson Capital Partners

A new residential development on the north bank of the Thames in Pimlico, we like to think of Riverwalk as an example of our ability to earn attractive risk-adjusted returns through creative deal-making.

For even the highest quality developer, weakness in the development lending market means that innovative ways to fill funding gaps are sought, while investors (which we are in this case) and banks looking for new ways to enter the market, Riverwalk is a case in point. We backed Gerald Ronson, one of London’s most respected and experienced developers, before he had the pre-sales and fixed building contract to access bank and institutional capital. For our part we used our “equity” mindset to underwrite the risks in the projects and structure an innovative financing arrangement which has given us an optimal risk / return position in the capital structure. In our view Riverwalk is a high quality de-risked residential opportunity and an example of our ability to invest in debt as well as equity.