How I Underwrote the £268M Raise for the London Tunnels Tourist Attraction

I underwrote the £268M London Tunnels raise.

These tunnels were built during World War 2.

- Targeting 1.7–2M visitors a year by 2028
- Freehold bought from British Telecom
- Full planning approved by London councils
- Independent valuation: £149M on completion
- NASDAQ listing planned

These tunnels have been sealed underground since 1945. Now someone's turning them into London's first major tourist attraction since the London Eye.

To fund deals like this, I ask 4 questions:

1) What stage of risk are we in?

- Freehold owned, leasehold agreements signed
- Planning approved unanimously by both councils
- Pre-revenue (doors don't open until 2027)

2) What makes the location work?

- London gets 21.7M international visitors a year
- 50M people live within one hour of the tunnels
- There is nothing else like this in the UK

3) How is the downside protected?

The main protection here is that they own the tunnels.

BT sold them the freehold, planning is approved, and an independent valuer has already put a £37M floor on the asset. Beyond that, this is a pre-revenue development bet, and the downside is real.

4) Can we control the exit?

- NASDAQ IPO pathway
- Target valuation £700M–£1.1B by 2030
- That's roughly 9x EBITDA on projected numbers

This is pre-revenue, pre-construction, and needs an additional £150M+ capital injection. No named operator attached yet.

My verdict:

- Strong fit for anyone seeking pre-IPO exposure
- Strong fit for UHNW retail investors
- Strong fit for family offices
- Weak fit for private credit

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