Guernsey investment company completes Old Street Works acquisition

21 November 2017

Guernsey property investment company Riverside Capital PCC has completed the purchase of 197-205 City Road, or ‘Old Street Works’ – a mixed-use asset in the heart of London’s ‘Tech City’.

Riverside Capital is a full-service property investment company, providing a platform for investors around the world to access and invest in the UK commercial property market. Founded in 2010, Riverside Capital has completed over £1.2bn in UK property transactions.

The Old Street Works investment forms the fifth cell of its Guernsey subsidiary and was established as a Guernsey-domiciled, closed-ended authorised scheme.

The Guernsey teams of Intertrust and Collas Crill assisted Riverside Capital with the acquisition of Old Street Works.

The former Victorian Warehouse attracted significant demand from Riverside Capital’s private client base, which acquired the asset after a six-week capital raise period for £27.5 million. £16.2 million in investor equity was invested, with the debt element being provided by Lloyds Banking Group.

Andrew Maiden, Director of Intertrust’s fund services team, was delighted his company been appointed as the preferred administration service provider for the ongoing administration to Riverside Capital PCC.

“Building on our already well-established relationship with Riverside Capital, our continued involvement highlights our expertise with PCC structures and the real estate sector,” he said. “Our ability to provide a high-quality service within a tight acquisition timetable ensured this attractive property acquisition went ahead as planned, helping the team at Riverside implement their ongoing and successful investment strategy.”

Collas Crill Group Partner Paul Wilkes said: “It is a pleasure to work with Riverside Capital. It is a great team with some fantastic assets they have been able to secure. The whole team at Collas Crill is very proud of the work we have done together over the last couple of years, and we look forward to many more to come.”

Riverside Capital Director Sasha Stupar said: “Intertrust and Collas Crill fully understood the nature of this acquisition and were sensitive to the timetable provided. They ensured our targets were met and continue to assist us in effectively meeting the administrative and legal needs of our client base.”

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