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Investor's Notebook

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I have been active in the European real estate markets for over 30 years with a focus on the more liquid north-western countries. I have worked for agencies (Knight Frank and CBRE), an accountancy practice (Touche Ross) and investment banks Lazard Brothers and Citigroup.

Nearly 14 years ago I set up Rynda Property Investors as my own FCA regulated real estate investment management house. I have enjoyed working with incredibly loyal and supportive clients and very committed colleagues.

Rynda is primarily a real estate operating partner platform for global capital. Rynda actively sources real estate opportunities in Benelux, Germany, France and the UK. Our clients invest across the risk spectrum and want advice and asset management from locally based teams of committed individuals who are trusted experts in their relevant markets.

Rynda always seeks to back its judgement by co-investing with our clients.


The demise of Carillion has provoked much negative political and public reaction some justified and some wholly unjustified.

High praise is warranted by the Royal Liverpool & Broadgreen University Hospitals Trust when matters could have been so much worse. The Trustees commissioned Carillion for the construction of the New Royal Liverpool University Hospital on the basis the contractor was only paid on the handover of the completed project. Whilst the project has been delayed by over a year and currently remains uncompleted, at least the Royal Liverpool & Broadgreen University Hospitals Trust have a strong negotiation position to get the overdue work completed as soon as possible because of the favourable payment terms they achieved.

Carillion were due nearly £350m when the work was complete so there is plenty of incentive for someone to take on the contract and finally complete the project. Imagine the additional hassle and cost to the Trust if the contract had been paid by monthly instalments and completion had not been so valuable.

Let us also assume that Carillion’s board fully appreciated their business was becoming a bank as well as a contractor by taking on this contract in competitive tendering.

Investor's Notebook

About Michael Walton

Michael Walton

Michael Walton founded Rynda Property Investors LLP - an independent FCA regulated real estate investment house - in September 2005. Michael is a Chartered Surveyor with over 30 years’ industry experience. His skill-sets include structuring real estate joint ventures and funds in Europe for institutional, shari’ah and high net worth investors and the subsequent deployment of capital. Rynda establishes investment products across the risk spectrum and via local teams proactively manages the assets acquired to maximise net operating incomes and investment performance. Rynda always seeks to back its judgement by co-investing with its clients. Though focusing primarily on Western Europe, Michael is also familiar with both Scandinavian and Middle Eastern markets. Prior to setting up Rynda, he was a Managing Director at Citigroup Property Investors (1998-2005) where he was responsible for all investment strategies throughout Europe. Michael has previously worked at Lazard Brothers & Co. Ltd (1994-1998) and Touche Ross (1992-1994) and holds an MBA from Cass Business School and an MA from the University of Cambridge.

Articles by Michael Walton

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