Governance

Technical Structure

SPV layering, security framework, and waterfall mechanics that keep investor priority explicit.

At a glance

Institutional context in compact cards — hover each icon for motion.

  • SPV stack

    Holdco / propco / issuer layering when programmes require segregation.

    Security and enforcement routes stay explicit in diligence packs.

  • Investor-first waterfalls

    Priority of payments documented before subscriptions open.

    Structured for sponsor and LP counsel review.

  • Token mechanics

    How digital instruments map to economics and notices.

    Supports ops teams bridging TradFi and on-chain tooling.

All investments are structured through Special Purpose Vehicles (SPVs) to ensure legal clarity and capital protection.

Structure flow

Investor
Token
SPV
Property Holding Entity
Development Asset

Architecture

Why SPVs stack the way they do

Segregation protects programme economics, simplifies enforcement narratives, and keeps sponsor balance sheets readable.

  • Layers icon

    Holdco / propco split

    Separates investor-facing issuance from dirty asset-level complexity.

  • Building icon

    Asset isolation

    Limits cross-default contagion when unrelated phases stall.

  • Key icon

    Security attachment

    Charges attach at enforceable nodes—lawyers map this explicitly pre-close.

  • Document icon

    Instrument mapping

    Tokens or notes mirror waterfall schedules—no oral side letters.

Security Framework

  • Share charge over holding entity
  • Restriction on dividend distribution
  • Defined capital waterfall

Capital Waterfall

  1. 1Operational costs
  2. 2Investor coupon payments
  3. 3Principal repayment
  4. 4Accrued interest
  5. 5Sponsor residual

Waterfall

Distribution ladder—in narrative form

  1. Operating costs & senior claims

    Keeps the SPV functional before discretionary distributions.

  2. Investor coupons

    Contractual income flows ahead of sponsor promote economics.

  3. Principal repayment

    Prioritises capital return before residual waterfalls widen.

  4. Sponsor residual

    Aligns developer upside behind documented investor satisfaction.

FAQ

Structure FAQ

Can waterfalls change mid-programme?
Only via documented amendment mechanisms requiring investor consent thresholds—never informal emails.
Who pays enforcement costs?
Allocated per programme agreements—typically senior expenses first, then sponsor/investor split as defined.

Access Institutional London Real Estate

Participate in large-scale development opportunities backed by real assets, structured capital, and long-term growth fundamentals.

Request Investment AccessDownload Investment Deck