News Briefs: Tech billionaire’s new family office; Singapore family office targets UK retail parks; German family office buys Paris building…and more

Revolut co-founder sets up family office

Nik Storonsky, the co-founder of fintech group, Revolut, has set up a family office, according to UK sources.  Storonsky, an ex-Credit Suisse derivatives trader who founded Revolut in 2014, is worth $7.1 billion, according to Forbes.

Singapore family office backs UK retail park fund

JL Family Office, owned by John Lim, co-founder of Singapore-based real estate group ARA Asset Management, is backing a Savills Investment Management fund planning to invest in UK retail parks, according to reports. The move is viewed as a “contrarian” bet on the market. 

AM Alpha buys more real estate

Munich-based family office AM Alpha has acquired an office building in the 2nd arrondissement of Paris, according to reports. AM Alpha is funded by a number of wealthy German investors, including the biotech billionaires Thomas and Andreas Strüngmann. The deal follows on from one a few weeks ago that saw AM Alpha buy a London building. 

Convertible loan note gets backing from family offices

Lightpoint Medical, which develops tools for cancer detection in surgery, has issued a £12 million convertible loan note to fund its business.

The convertible was structured by Saturn Investors, hoping to get backing from family offices for similar deals. The convertible offers investors a yield of 8%. After 3-5 years the loan gets repaid at a premium or converted into shares at a potential 60% discount.

The Saturn initiative, led by David Toplas, avoids the dilution of equity funding rounds, as described by Family Capital earlier this month.