Allianz Provides its First PRS Financing with GBP140m Green Loan in London – 06.05.21

Allianz Real Estate, acting on behalf of several Allianz group companies, has provided GBP 140 million (EUR 161 million) in debt funding to Canary Wharf Group (CWG) for the financing of 10 George Street in Canary Wharf, London. The 10-year, fixed-rate loan – structured with an initial 7-year term with three 1-year extension options – marks Allianz Real Estate’s first single-asset Private Rental Sector (PRS) debt transaction in Europe.

Located in Canary Wharf, one of London’s most prominent mixed-use developments, the prime asset offers a net rentable area of 224,039 sq ft, 327 residential units and three retail units. With direct access to Central London, the building benefits from excellent transport connectivity, which is set to further improve with the opening of the Elizabeth line in 2022.

The 35-floor high rise building puts tenant well-being front and center, providing residents amenities including 24/7 concierge service, gym, communal spa, dining room and bar areas. It is energy efficient – with features including photovoltaic power collection and automatically controlled high-efficiency lighting – and has achieved BREEAM ‘Excellent’ accreditation and Code of Sustainable Homes certificate and is fully aligned to the CRREM carbon reduction pathway for residential buildings.

Sustainability sits at the core of Allianz Real Estate’s business strategy, as it does for CWG, making it an excellent partner for the firm. CWG is an industry leader in sustainability, with over 11 million sq ft of sustainably certified buildings. Since 2012, the Group has purchased 100% renewable electricity for its Estate and has sent zero waste to landfill since 2009. The loan also meets all the necessary Loan Market Association requirements to be classified as a green loan.

The financing of award-winning 10 George Street from Vertus, CWG’s build-to-rent leasing arm, marks the firm’s eighth debt transaction in London, bringing the value of the firm’s debt book in the city to almost EUR 2 billion. London sits alongside Paris and Munich as Allianz Real Estate’s third hub for the firm’s pan-European debt program.

“We are delighted to be expanding our European debt portfolio with such a high-quality prime asset, and with a likeminded partner who supports our commitment to leading the international real estate market in terms of ESG and sustainability. This transaction also provides us with a strong opportunity to further diversify of our European loan book through exposure to the dynamic PRS market,” said Roland Fuchs, Head of European Real Estate Financing, Allianz Real Estate.

“This latest deal reaffirms our commitment to the London market, which continues to offer strong investment opportunities in select sectors,” said Shripal Shah, Head of Debt Origination – London, Allianz Real Estate. “10 George Street offers great value, high-quality residential units for rent in an excellent location – a strong addition to our UK loan book and outstanding investment for our clients.”

Neil Kermode, Director, Canary Wharf Group, said: “The emergence of Private Rented Sector (PRS) has proved to be an excellent asset class. The premium offer at 10 George Street from Vertus with its fantastic amenities coupled with high sustainability standards is very appealing to investors. 10 George Street is aimed at people wanting to rent on the Estate and enjoy all that Canary Wharf has to offer as the 24/7 sustainable city where people can work, live and play.”

10 George Street was voted no.1 build to rent development by residential development review website Homeviews in 2020 and no. 1 in its top 20 list of tall buildings in the New London Architecture’s (NLA) London Tall Buildings survey. 

For further information, please contact:

Press Office
Canary Wharf Group plc
T: 020 7418 2166
E: pressoffice@canarywharf.com

ENDS

Notes to Editors

Allianz enquiries:

Allianz Real Estate
Phillip Lee
+49 89 3800 8234
phillip.lee@allianz.com

Citigate Dewe Rogerson (UK)
Hugh Fasken / Camilla Wyatt / Patrick Evans
AllCDRUKAllianzRealEstate@citigatedewerogerson.com

About Allianz Real Estate

Allianz Real Estate is a PIMCO Company, comprising Allianz Real Estate GmbH and Allianz Real Estate of America and their subsidiaries and affiliates. It is the dedicated real estate investment manager within the Allianz Group and has grown to become one of the world’s largest investors in real estate. Allianz Real Estate develops and executes worldwide tailored portfolio and investment strategies on behalf of a range of global liability driven investors, creating long-term value for clients through direct as well as indirect investments and real estate financing.

The operational management of investments and assets is performed out of 19 offices in key gateway cities across 4 regions (West Europe, North & Central Europe, USA and Asia Pacific). As at 31 December 2020, Allianz Real Estate held €71.5 billion assets under management. For more information, please visit: www.allianz-realestate.com

About PIMCO

PIMCO is one of the world’s premier fixed income investment managers. With its launch in 1971 in Newport Beach, California, PIMCO introduced investors to a total return approach to fixed income investing. In the nearly 50 years since, the firm continued to bring innovation and expertise to our partnership with clients seeking the best investment solutions. Today PIMCO has offices across the globe and 2,900+ professionals united by a single purpose: creating opportunities for investors in every environment. PIMCO is owned by Allianz SE, a leading global diversified financial services provider.

Source: Allianz Real Estate, data as at 31st December 2020.

These assessments are, as always, subject to the disclaimer provided below.

About Canary Wharf Group:

Canary Wharf Group (CWG) is the developer of the largest urban regeneration project in Europe. CWG develops, manages and currently owns interests in approximately 7.5 million square feet of office space, 0.9 million square feet of retail and over 500 Build to Rent apartments.

CWG is the largest sustainable developer in the UK with over 10 million square feet of sustainable certified buildings. CWG also excels operationally having purchased 100% electricity from renewable sources since 2012 and zero waste to landfill since 2009.

CWG has created a 24/7 city where people can live/work/play on the Canary Wharf estate and enjoy all the benefits: great transport links, access to green spaces and waterside living; and a wide range of amenities including an award-winning arts and events programme.

Canary Wharf’s retail offering comprises over 300 shops, including grocery stores, pharmacies, health clubs, bars and restaurants, all within 15 minutes’ walk.

The Company’s current £2.4bn construction activity is composed of 500k square feet of commercial properties and over 1,750 new homes for sale and rent.

www.canarywharf.com
Instagram: @canarywharflondon / @woodwharf
Twitter: @YourCanaryWharf / @CanaryWharfGrp / @Level39CW / @Wood_Wharf

About Vertus    

Vertus is part of the Canary Wharf Group.

Vertus will manage all aspects of the build-to-rent developments on the Estate. The Vertus portfolio currently consists of three buildings, totalling 1,137 build-to-rent residential apartments.    

Vertus will manage the residential leasing and management of the buildings and the individual apartments. Vertus will be dedicated to meeting the needs of their customers and residents by providing a superlative service, 24 hours a day and 365 days per year.    

www.thisisvertus.com
Instagram: @ThisIsVertus
Twitter: @ThisIsVertus 

Important Information

Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. Allianz Real Estate does not make any representation or warranty, express or implied, as to the accuracy, completeness or updated status of such statements. Therefore, in no case whatsoever will Allianz Real Estate be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or for any related damages. Any views expressed were held at the time of preparation and are subject to change without notice. While any forecast, projection or target where provided is indicative only and not guaranteed in any way. Allianz Real Estate accepts no liability for any failure to meet such forecast, projection or target. This document is not intended for distribution to or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to law or regulation. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe to any investment. This document is not intended as investment advice, or an offer or solicitation for the purchase or sale of any financial instrument, or an offer or recommendation related to Allianz Real Estate and/or its products. None of the information or analyses presented herein are intended to form the basis for any investment decision, and no specific recommendations are intended. PIMCO is a trademark of Allianz Asset Management of America L.P. in the United States and throughout the world.  ©2021, PIMCO.