CLN on London Real Estate - Structured for Institutional Settlement

The issuer is a Guernsey-based company operating across the London residential property market. The company operates across three functions: as a developer, originating and delivering residential and mixed-use schemes; as a lender, providing bridging finance and development facilities to experienced property professionals; and as a portfolio vehicle, holding income-producing assets secured against prime London apartments and development sites. This integrated model gives the company direct exposure across the full property capital stack — from ground-up development through to stabilised income.

The issuer was introduced to Kingsbury & Partners by the investor — a professional investor with established custody arrangements across both EXANTE and First Abu Dhabi Bank — who required a structured solution capable of sitting cleanly within their existing treasury infrastructure.

The investor's challenge was specific: paper-based or direct subscription arrangements could not integrate with their custody reporting systems, making it difficult to accurately track accrued interest, calculate indicative valuations, and present private credit positions alongside their broader portfolio of public equities and bonds. Without an ISIN, the investment simply could not be processed through their prime broker infrastructure.

Kingsbury & Partners (Luxembourg) advised on the structuring and issuance of a Credit Linked Note, delivering a tradable, ISIN-referenced instrument cleared on a Delivery-versus-Payment basis. Settled through Euroclear and Clearstream and priced via Bloomberg, the CLN enabled the investor to hold their position in the company within their existing custody arrangements — reported, tracked, and managed alongside the rest of their portfolio without operational friction.

The transaction required careful co-ordination across multiple SPVs and layered security allocations. Structuring complexity of this nature demands clear documentation, aligned counterparties, and disciplined governance at each stage. By converting a direct lending exposure into a properly constituted note instrument, the CLN also provided the issuer with a scalable, credible debt framework suited to professional capital.