Real Estate Corporate Finance

Independent
advice.
Aligned interests.

Kilberry Advisory is a specialist corporate finance practice focused entirely on the real estate sector. Senior-led, unconflicted, and built to execute the most complex capital transactions in the market.

Our advisory services View transactions
Selected credentials
£80m
RCF — residential developer, Luxembourg fund
£40m+
Special situations — Edinburgh mixed-use regeneration
£12m
Strategic land — East Lothian, US special situations fund

"The best capital transactions are won before the process starts. Preparation, relationships and timing are everything."

Jamie Davidson — Founder, Kilberry Advisory
About Kilberry

Built for the complexity of modern real estate capital markets

Kilberry Advisory was founded to offer something the market lacked: genuinely senior, genuinely independent corporate finance advice for real estate businesses navigating critical capital decisions.

We carry no balance sheet, hold no fund positions and have no preferred capital partners. Every mandate receives the full attention of the senior team from inception to close.

Sector depth

Every mandate is led by a senior adviser with direct transaction experience in the relevant asset class. Not a generalist with a passing interest in real estate.

No conflicts

We carry no balance sheet, hold no positions and manage no funds. Our only interest is the outcome of your transaction.

Capital access

Deep, current relationships with institutional equity, sovereign wealth, insurance capital, debt funds and development lenders across the UK and Europe.

Execution quality

Senior attention throughout. The people who win the mandate are the people who deliver it. We do not hand transactions to junior teams.

Speed and discretion

As a boutique practice, we can move at the speed of the opportunity. Our processes are streamlined. We do not have institutional bureaucracy.

Long-term relationships

We measure success in repeat mandates and referrals. Every transaction is an opportunity to build a relationship that outlasts the deal.

Advisory services

What we do

Our advisory practice spans the full capital structure of real estate transactions — from senior debt origination through to complex equity raises, JV structuring and corporate-level M&A. We work with developers, sponsors, fund managers and operating platforms at every stage of the business cycle.

01↗
Equity Raising

Advising sponsors and developers on equity capital raises across all real estate sub-sectors. We identify the right capital partners, structure the transaction, manage the process and negotiate terms on your behalf.

Institutional JVCo-investmentPlatform equityFund formation
02↗
Debt Advisory

Structuring and sourcing senior debt, investment loans and whole loans for acquisitions, refinancings and standing investments. We access the full universe of lenders and advise on the optimal structure for your specific situation.

Acquisition financeRefinancingInvestment loansWhole loans
03↗
Mezzanine & Preferred Equity

Placing mezzanine debt and preferred equity into the capital stack where a funding gap exists or where senior leverage constraints require a hybrid solution. We work with the full suite of junior capital providers.

Development mezzPreferred equityStretch seniorBridging
04↗
JV Structuring & Partner Search

Identifying and structuring joint venture relationships between operating partners and institutional capital. We advise on structure, governance, waterfall mechanics and partner selection for development and investment JVs.

Development JVInvestment JVPropCo / OpCoForward funding
05↗
M&A & Platform Advisory

Strategic and financial advisory on corporate-level real estate transactions — REIT consolidation, manager acquisitions, platform build-outs and operating company sales. We advise both buyers and sellers on complex, multi-stakeholder processes.

Buy-side M&ASell-side M&APlatform buildREIT advisory
06↗
Asset & Portfolio Disposal

Sell-side advisory on individual assets, portfolios and property company disposals. We prepare the asset for market, run a disciplined sale process and manage the interface with buyers and their advisers through to completion.

Single assetPortfolio salePropCo saleFund wind-down
07↗
Recapitalisation Advisory

Advising on the restructuring of existing capital stacks — bringing in new equity, refinancing legacy debt, converting instruments or introducing new capital partners to an existing portfolio or vehicle.

Equity recapDebt restructureFund recapGP-led secondary
08↗
Revolving Credit Facilities

Arranging revolving credit and corporate lending facilities for real estate platforms, developers and fund managers seeking flexible corporate-level debt. We advise on structure, covenant packages and lender selection.

RCFCorporate debtWorking capitalLand banking
Our approach

How we work

We take on a limited number of mandates at any time. This is a deliberate choice. It ensures that every client receives the full attention of the senior team — not a relationship partner who disappears once the mandate is signed.

We are process-driven but not bureaucratic. Our track record is built on preparation, relationships and the ability to move quickly when an opportunity requires it.

"The best capital transactions are won before the process starts. Preparation, relationships and timing are everything."

Kilberry Advisory
  • 01
    Mandate assessment

    We invest time upfront understanding the transaction, the client's objectives and the likely universe of capital before committing to a mandate. We only take on transactions we are confident we can execute well.

  • 02
    Capital markets positioning

    We prepare the transaction for market — structuring the narrative, the materials and the process to maximise competitive tension and attract the right capital at the best terms.

  • 03
    Targeted capital introduction

    We run a disciplined, targeted process — reaching the right capital partners directly, not broadly. Quality of engagement matters more than quantity of approaches.

  • 04
    Negotiation and close

    We manage the negotiation and transaction process through to legal completion, protecting our client's interests at every stage and ensuring the transaction closes on the agreed terms.

Sector coverage

Where we focus

We cover the full spectrum of institutional real estate asset classes. Our team brings direct transaction experience across living, logistics, office, hotels, healthcare and alternatives — allowing us to provide genuinely sector-specific advice rather than generic financial structuring.

Residential
Living & BTR

Build-to-rent, PBSA, later living, affordable and single-family residential. The most active European growth sector for institutional capital.

Industrial
Logistics & Industrial

Urban logistics, last-mile, big-box and multi-let industrial. Deep institutional demand and strong occupational fundamentals.

Commercial
Offices

Prime city-centre and ESG-repositioned offices. Selective advisory focus on best-in-class assets where the investment thesis is compelling.

Hospitality
Hotels & Hospitality

Full-service, select-service and aparthotel platforms. Specialist PropCo/OpCo structuring and lease advisory expertise.

Healthcare
Healthcare & Life Sciences

An emerging institutional asset class. Primary care, private hospitals, PBSA and life sciences campuses. High-value, specialist mandates.

Alternatives
Alternatives & Data Centres

Data centres, self-storage, car parks and other specialist alternatives. The fastest-growing segment of institutional real estate allocation.

Where we operate

How we engage
with your business

Kilberry Advisory operates across all three layers of a real estate business — from the group balance sheet to the individual asset. This means we can advise on isolated capital needs or coordinate a coherent capital strategy across the entire structure, depending on where the challenge or opportunity sits.

Layer one
Group &
Corporate
Balance sheet & liquidity

At the top of the structure, we advise on the full range of corporate capital needs — working capital facilities, succession-driven share sales, dividend recapitalisations and balance sheet liquidity solutions required for covenant compliance. These mandates typically involve direct engagement with founders, boards and CFOs where the requirement is strategic as much as transactional.

Working capital RCF Succession & share sales Dividend recapitalisation Covenant compliance Balance sheet liquidity Corporate debt restructure
Layer two
HoldCo &
Joint Venture
Platform & venture capital

At platform and venture level, we advise on the capitalisation of thematic investment and development platforms — across office, logistics, PBSA and BTR — whilst supporting the analysis, structuring and negotiation of new joint venture arrangements. This is where we bring institutional capital partners into the structure and align interests across the term of the venture.

Platform capitalisation Institutional JV structuring Office & logistics platforms PBSA & BTR ventures JV negotiation support PropCo / OpCo structures
Layer three
Asset &
Project
NAV protection & pipeline delivery

At asset and project level, we advise on individual capital raises and restructurings designed to protect group NAV and deliver asset-by-asset pipeline strategies. This includes development finance, investment refinancings, distressed recapitalisations and debt-for-equity solutions where a single asset is creating stress across the wider portfolio.

Development finance Investment refinancing Distressed recapitalisation Debt-for-equity NAV protection Pipeline delivery capital
Selected transactions

Our track record

A selection of transactions advised on by the Kilberry team. Many of our mandates are confidential and are not listed here. Transaction sizes and details are indicative where client confidentiality requires.

TypeTransactionDetailRoleSize
RCF · ResidentialResidential developer — Yorkshire£80m revolving credit facility for a major residential developer. Capital provided by a Luxembourg-domiciled fund. Facility consolidated the cap table, redeemed minority investors and funded the PD pipeline. Nominated PRS Deal of the Year alongside Goldman Sachs & Apache.Sole adviser — origination to close£80m
Expert witness · Financial servicesTeneo — Isle of Man CourtsBanking expert witness instruction from Teneo's Isle of Man insolvency team, reporting to the IOM Courts in connection with the prosecution of a fraud case involving a property lending fund's management team and the misappropriation of investors' funds. Retained to provide independent analysis of lending conduct and capital deployment decisions.Independent banking expert witnessRetained
Structured debt · Mixed-useEdinburgh Marina — regeneration site£25m core debt raise for 30-acre mixed-use regeneration site (marina, hotel, residential). Drawn ahead of 2022 gilt rises removing forward funding options. Followed by £15m in ancillary fundraisings for leasehold consolidation and peripheral site acquisition.Lead debt adviser£40m+
Development finance · Office50-year-old family business — pre-let office132,000 sq ft BREEAM Excellent pre-let office, Leeds. Development finance from a challenger bank, structured to transition seamlessly from development to term funding on practical completion.Sole development finance adviserConfidential
Expert witness · MatrimonialMatrimonial settlement — fishing industryBanking expert witness instruction from two Edinburgh law firms in connection with a high-value matrimonial settlement. Instructed to assess the affordability and financial capacity of the respondent — a significant figure in the Scottish fishing industry — whose assets and income were held across a complex structure of corporate and operational interests. Analysis informed the settlement negotiation and was presented to the court.Independent banking expert witnessRetained
M&A · PropCoProminent UK-based international real estate businessLead sell-side M&A mandate for a prominent UK-based real estate business with listed entities and joint ventures across Asia. Full transactional collateral, financial models and buyer origination. Interest generated from a Channel Islands-based UHNW family office, an institutional-grade US investor and a private London-based real estate group. Process aborted on valuation expectations and market conditions.Lead sell-side M&A adviserConfidential
Structured debt · Serviced officesGrade B listed townhouses — Edinburgh EH1Non-dilutive structured debt facility for the acquisition of a terrace of six freehold Grade B listed townhouses (c.22,200 sq ft), prime EH1 city-centre location. Facility covers acquisition, planning, operating and professional costs. Realisation by consented site sale or JV. Capital provided by a private debt lender deploying into similar opportunities.Sole structured finance adviserConfidential
Development finance · HotelTravelodge hotel — GlasgowDevelopment finance for a Travelodge hotel, Glasgow. Structured debt solution provided by a global reinsurance provider deploying into UK real estate debt, funding delivery of the scheme through to opening and stabilisation.Sole development finance adviserConfidential
Debt · Strategic landFamily office — strategic land, East Lothian£12m facility for 54-acre consented strategic land. Consolidated existing borrowings and funded infrastructure roll-out for phased disposal to PLC housebuilders. Capital provided by a US special situations fund.Sole debt adviser£12m
Recapitalisation · PBSAFamily office — PBSA, Glasgow100-bed PBSA, Glasgow. Urgent recapitalisation as delivery timescales extended and equity availability reduced. Senior debt raised linked to exit NIY and residual value. Capital provided by a family office deploying private debt.Recapitalisation adviserConfidential
M&A advisory · Professional servicesLSE-listed law firm — Scottish M&ALead M&A advisory role for an LSE-listed law firm following loss of their Scottish partner firm presence. Delivered a retained mandate and structured a strategic partnership to protect UK-wide PSL panel coverage.Lead M&A adviserRetained

Certain transaction details have been withheld at client request. Full credentials are available to prospective clients under NDA.

Leadership
Jamie Davidson — Founder & Principal, Kilberry Advisory
Jamie Davidson
Founder & Principal
jd@kilberryadvisory.com
Edinburgh & London
BPF Futures Mentor

Jamie Davidson is the founder of Kilberry Advisory and brings over 20 years of senior real estate and corporate finance experience to every mandate. His career spans the full cycle of the UK real estate capital markets — from the post-GFC period through COVID and into the current equity-constrained environment — giving him a depth of perspective that is difficult to replicate in a more institutional setting.

He built and scaled a boutique advisory practice from a standing start, advising boards, sponsors, lenders, funds, family offices and listed clients — from FTSE-quoted businesses to founder-led companies — on some of the most complex capital situations in the market across a full cycle of economic conditions. His approach is data-led and commercially pragmatic, with a particular strength in transactions involving structural complexity, multi-stakeholder negotiation, or urgent capital requirements where a conventional process will not deliver.

Jamie originates and executes mandates personally. Clients deal directly with the senior adviser throughout — from initial structuring through to legal completion.

20+
Years in market
Full
cycle
Post-GFC · COVID · rate cycle
UK & EU
Geographic reach
Areas of specialism
Complex capital structures & alternative lending
Development finance — debt, equity & mezzanine
Revolving credit facilities & corporate debt
Restructuring, debt-for-equity & recapitalisation
JV structuring & institutional partner search
M&A advisory & strategic succession planning
Special situations & distressed capital solutions
Pan-European transactions & cross-border capital
Career summary
2007 – Present
Founder & Principal
Kilberry Advisory / Conduit Finance / Ayton Capital
2006 – 2007
Business Development Manager — Property Finance
Cheval
2005 – 2006
Business Manager
Clydesdale Bank / National Australia Bank
2003 – 2005
Commercial Manager
Bank of Scotland
1999 – 2003
Account Manager
Aegon
1998 – 1999
Broker Manager
J Rothschild Assurance / St James Place
Get in touch

Start a conversation

We work with a small number of clients at any time. If you are considering a transaction or would like to discuss how Kilberry Advisory could support your objectives, we would welcome an initial conversation.

Email
enquiries@kilberryadvisory.com
Location
Edinburgh & London
Regulated by
Financial Conduct Authority