Canary Wharf Group plc secures £190m loan facility for new commercial development
Canary Wharf Group plc has secured a £190m development and investment loan facility for the development of a major office scheme at 25 Churchill Place, Canary Wharf.
The facility was secured from a syndicate of banks consisting of Barclays Bank PLC, Deutsche Pfandbriefbank AG, Lloyds TSB and The Royal Bank of Scotland PLC; with Barclays also acting as coordinator, agent and security trustee.
The 500,000 sq ft commercial development will add to the Group’s extensive property portfolio, with 250,000 sq ft of the scheme pre-let to the European Medicines Agency. The 23-storey tower is set to be constructed by the end of 2014.
Canary Wharf Group plc is an integrated property development, investment and management group of companies. In the last two decades it has developed more top-quality office space in London than any other company, helping to position the capital as one of the best places in the world to locate a business.
Peter Anderson, Managing Director, Finance, Canary Wharf Group said: “We are delighted to have concluded this facility in the current difficult financial market. It shows that with a good consortium of lenders and the right project it is still possible to raise significant construction funding. We can now start construction in early 2012 knowing we have secured all the necessary finance.”
Notes to editors:
For more information please contact:
Media Relations, Barclays Corporate
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About Canary Wharf Group plc
At Canary Wharf
Canary Wharf Group plc is an integrated property development, investment and management group of companies. Canary Wharf Group has achieved an iconic urban regeneration, designing and constructing over 15 million square feet of office and retail space across its 97 acre East London Estate. There are more than 200 shops, bars and restaurants at Canary Wharf and around 100,000 people currently work at Canary Wharf. Canary Wharf Group plc is one of the Sunday Times Best Green Companies in Britain.
Away from Canary Wharf
Current projects underway outside Canary Wharf include the 20 Fenchurch Street ‘Walkie Talkie’, which is a joint venture with Land Securities and the redevelopment of the Shell Centre on the South Bank, a joint venture with Qatari Diar. www.canarywharf.com
Barclays is a major global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs over 145,000 people. Barclays moves, lends, invests and protects money for customers and clients worldwide. For further information about Barclays, please visit our website www.barclays.com
About pbb Deutsche Pfandbriefbank
pbb Deutsche Pfandbriefbank is a leading European specialist bank for real estate finance and public investment finance. The main funding instrument is the German Pfandbrief, of which the Bank is one of the largest issuers in the market. pbb Deutsche Pfanbriefbank is active in markets in Germany and other European countries. www.pfandbriefbank.com
About Lloyds Bank Corporate Markets
Lloyds Bank Corporate Markets, part of the Wholesale division at Lloyds Banking Group, provides comprehensive expert financial services to businesses, from those with over £15 million annual turnover to those with turnover in the billions. It has over 26,000 corporate clients, ranging from privately-owned firms to FTSE 100 PLCs, multinational corporations and financial institutions.
It has a network of relationship teams across the UK, as well as internationally, with the mix of local understanding and global expertise necessary to provide long-term support and advice to its customers.
Lloyds Bank Corporate Markets offers a broad range of finance, spanning structured and asset finance, import and export trade finance; securitisation facilities and capital market funding. Its product specialists provide bespoke financial services and solutions including tailored cash management, international trade, treasury and risk management services.
Its heritage means it has an unrivalled understanding of business needs and a proven track record of supporting customers across the sectors and regions. Taking a relationship approach, it provides support to its customers throughout the economic cycle. Over 1,900 businesses were helped in 2010, provided with over £30bn of finance. www.lloydsbankcorporatemarkets.com
About RBS Corporate & Institutional Banking
RBS Corporate & Institutional Banking (CIB) is part of the Royal Bank of Scotland Group (RBS). CIB is dedicated to supporting corporate customers as they drive their businesses forward and we do so through a combination of sector expertise, a leading product range and a first class relationship management service. CIB provides a fully integrated corporate banking proposition to UK companies and institutions with an annual turnover in excess of £25m. Products include deposits, lending, risk management, trade, cash and trade management, specialist asset and invoice financing. CIB employs over 2,000 people in the UK including over 650 front line staff across the UK in 24 regional offices. For more information please see www.rbs.co.uk/corporate