Intertrust and Collas Crill have assisted Riverside Capital with the purchase of 197-205 City Road (“Old Street Works”) – a mixed-use asset in the heart of London’s “Tech City”, which will be held by the fifth cell of their flagship protected cell company, Riverside Capital PCC Limited.
Riverside Capital is an FCA authorised and regulated 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 GBP 1.2bn in UK property transactions.
The “Old Street Works” investment forms the fifth cell of Riverside Capital PCC Limited. 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 GBP 27.5m. GBP 16.2m in investor equity was invested, with the debt element being provided by Lloyds Banking Group.
The Old Street Works cell of Riverside Capital PCC Limited was established as a Guernsey domiciled, closed-ended authorised scheme.
Intertrust a leading global provider of high-value trust, corporate and fund services, assisted Riverside Capital with the acquisition. Andrew Maiden, Director - Intertrust fund services team in Guernsey, commented:
“Intertrust is delighted to have been appointed as the preferred administration service provider for the ongoing administration to Riverside Capital PCC Limited, building on our already well-established relationship with Riverside Capital. Our continued involvement with Riverside highlights our expertise with PCC structures and the real estate sector. 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.”
Paul Wilkes, Group Partner at Collas Crill, commented:
“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.”
Sasha Stupar, Director at Riverside Capital, 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”.