13 February 2012

Canary Wharf Group starts construction of 25 Churchill Place

Canary Wharf Group plc (“Canary Wharf Group”) has commenced construction of 25 Churchill Place at Canary Wharf, central London, which is to be the new office headquarters of the European Medicines Agency.

Two cranes have been erected and the slip formed concrete core will soon start to appear on the Canary Wharf skyline. This 20 storey 500,000 sq. ft. building will provide the local economy and construction supply chain with thousands of much needed jobs.

Contracts for the building’s construction have been awarded to Byrne Bros, one of the UK’s premier concrete contractors, who will provide the building’s concrete and to Kone, who will install the elevators, including environmentally friendly lift motors that store and re-use energy elsewhere in the building. The cladding will be supplied and installed by Seele. The contract terms were not disclosed.

Contracts to be awarded later this year include structural steel and mechanical and electrical packages. The architects are Kohn Pedersen Fox Associates. Construction of the shell, core and fit out is being undertaken by Canary Wharf Contractors Limited, a wholly owned subsidiary of Canary Wharf Group.

The building is set for completion in late 2014 and is symbolic, as it is the last office site on the original Canary Wharf masterplan to be developed. The building sits adjacent to Wood Wharf, a 4.6m sq. ft. mixed-use future development site, of which Canary Wharf Group purchased control from its former joint venture partners last month for a combined £90m.

In August last year it was announced 250,000 sq ft of the building has been pre-let to the European Medicines Agency. The balance of the space will be marketed by Canary Wharf Group as construction progresses and the supply of grade A office space in central London continues to tighten. In accordance with Canary Wharf Group’s development strategy, the building’s substructure has already been completed.

In December last year Canary Wharf Group secured a £190m development and investment loan facility for the development of 25 Churchill Place. 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.

John Pagano, Managing Director of Development at Canary Wharf Group said: “25 Churchill Place will provide a major boost to the local economy, in terms of jobs and contracts and retaining yet another world-class organisation in central London.”

EMA will occupy the promenade, ground and first nine office floors of the building at an agreed rent of £46.50 per sq ft commencing on 1 January 2015 with five-yearly upwards-only rent reviews. The length of the lease is 25 years with no breaks and EMA has options to take an additional four floors of around 27,500 sq ft each.

25 Churchill Place will be one of the most environment-friendly buildings at Canary Wharf to date. Environmental features will deliver an expected ‘excellent’ BREEAM environment performance rating and an Energy Performance Certificate (EPC) rating of 40 or better. Features include the latest ultra-efficient air-conditioning equipment that recycles the energy from exhaust air and photo voltaic cells to generate energy from the sun’s rays.

For further information please contact:

Canary Wharf Group plc
John Garwood / Hamish McDougall
Tel: 020 7418 2326

Brunswick Group
Kate Miller / Elizabeth Adams / Lewis Clark
Tel: 020 7404 5959

Notes to Editors

EMA is moving staff to 25 Churchill Place from 1, 7 and 11 Westferry Circus, also at Canary Wharf in London, where it currently occupies around 225,000 square feet. These buildings are not part of the existing Canary Wharf Group rental portfolio.

In addition to 25 Churchill Place, Canary Wharf Group has planning consent in place to build a further:

three office buildings on the Canary Wharf Estate comprising 4.76m sq. ft.,
Riverside South on behalf of J.P. Morgan (1.9m sq. ft) and
Wood Wharf Partnership, a 4.6m square feet joint venture development adjacent to Canary Wharf in which Canary Wharf Group recently completed the purchase of 100% share.

The square feet figures expressed in this announcement are Net Internal Area.

Much of the construction equipment and materials will be transported by water, reducing carbon emissions and congestion on local roads.

The height of 25 Churchill Place is 128.4m metres above ordnance datum

About Canary Wharf Group

Canary Wharf Group is an integrated property development, investment and management group of companies.

Canary Wharf has a working population of nearly 100,000 people in a diverse range of sectors for some of the world’s leading companies. It has paved the way for the regeneration of London’s Docklands and one in five Canary Wharf workers now live in a local East London borough. It has helped London and the City consolidate its position at the centre of the business world.

The Group has plans in place to continue to develop Canary Wharf in the coming years.

The Group is currently constructing the Canary Wharf Crossrail station ahead of schedule and on budget, which is ready to receive the Crossrail tunnel boring machines in summer 2012.

Canary Wharf Group also has joint ventures outside Canary Wharf at 20 Fenchurch Street (with Land Securities) and the Shell Centre (with Qatari Diar).

Twitter: @yourcanarywharf

Canary Wharf Group is backing Tower Hamlets’ bid to become the UK’s next city, as part of Her Majesty the Queen’s Diamond Jubilee celebrations in 2012.

About the European Medicines Agency

Information on the work of the European Medicines Agency can be found on its website: