Partner track record
Completed projects with planned and actual handover dates, not volume delivered. Delivery discipline separates developers more than design does.
Development Structures
Participation · Alignment · Exit
Participation is only worth it
when the structure holds.
Development returns come with development risk. Corestone evaluates participation structures where risk, alignment, and exit are defined in writing before capital moves, not negotiated after a delay.
The mandate
The structure is the investment.
In development, the asset does not yet exist. What an investor actually acquires is a set of obligations, permissions, timelines, and remedies. We read that set first, and the renders last.
Evaluation lens
What we evaluate.
Capital structure
Order of priority, escrow arrangements, funding gaps, and what happens to the investor's position if a stage is not funded on time.
Alignment
Where the partner earns, at which stage, and whether their incentive survives a delay or a softer market.
Exit and remedies
Agreed exit routes, valuation method at exit, deadlock provisions, and what the investor can actually enforce.
Private enquiry