Cheyne Capital has provided a €262.7m (£219m) senior facility to Riverstone, the provider of exceptional London living for over 65s in prime London locations, for its Riverstone Kensington residence. This comes a year after Cheyne provided a €119m (£99m) facility to Riverstone for its Fulham Riverside residence, which is due to open in the second half of 2022. The latest funding from Cheyne Capital represents the UK’s largest single asset debt deal for the later living sector.
Filippo Alessandria of Cheyne Capital said: “Our continued support of the Riverstone model is a testament to our confidence in their ability to source great London locations for their best-in-class later living schemes – the Kensington scheme is further proof of this and we look forward to its opening later this year. We are also particularly supportive of Riverstone’s sustainability plans, in terms of both the environment and local community engagement, and, to reflect this, have agreed ESG-related ratchets in our loan terms.”
Simon Loveridge, Riverstone’s Chief Financial Officer, said: “Securing further finance from Cheyne Capital for our Kensington residence reinforces the appeal of the Riverstone offering and our plans to deliver a platform of scale in prime London locations. We are focused on delivering residences that are at the forefront of sustainable innovation and are committed to working with the local communities we operate in. The model, which has seen great success internationally, is set to experience further demand over the coming years in the UK as its over 65s population continues to grow. Riverstone’s proposition is ideally placed to meet increasing demand.”