CWG secures over half a billion of new loans and extended maturities to continue transformation of Estate – 25.04.24

Canary Wharf Group plc (“CWG”) announced today it has secured £553 million of financings, demonstrating strong support from lenders.

The series of financings give CWG increased financial flexibility to implement its transformation plan, as well as significantly increasing debt maturities to increase funding certainty for the longer term.

Today’s news follows the recent announcement that Morgan Stanley extended its lease with CWG on its 547,000 sq ft EMEA headquarters until 2038. Barclays and Citi, two further leading international banks, have also recommitted to Canary Wharf.  

In addition, CWG has in recent months raised £400 million from its shareholders Brookfield and the Qatar Investment Authority and demonstrated value creation through an £84 million forward-funding residential transaction with CBRE Investment Management.

The financings successfully completed during March and April 2024 are:

• £132.3 million secured on 15 & 20 Water Street – which is located in the thriving cultural, leisure, retail and residential mixed-used environment that has expanded east of Canary Wharf and includes Broadwick Live, The CUBE, TRIBE Hotel, Dishoom, Patty & Bun, Third Space as well as the Innovation Centre developed with Kadans Science Partner.
• £341 million secured on 25 Churchill Place, extending the loan until July 2030 on this high-quality office building let to EY and European Medicines Agency until 2040 and 2039 respectively.
• A loan of £80 million for construction of two new serviced apartments buildings for short and medium stays in the Wharf for the first time at 3 & 15 West Lane, an exciting evolution of the residential offering at Canary Wharf which offers everything from a one-night stay in the TRIBE Hotel to build-to-rent housing and serviced apartments, as CWG continues to see success across its residential portfolio.

Canary Wharf is the place for the world’s leading and most innovative companies. Occupiers increasingly value the vibrant mixed-use neighbourhood for its excellent transport links, numerous residential offerings and diverse retail offering with over 300 shops, bars and restaurants and the plethora of leisure and amenities, including access to 5km of waterside boardwalks and 16.5 acres of parks. Last year over 67.2m people visited, an increase of 25% compared to 2022.

Becky Worthington, Chief Financial Officer, CWG, said: “These loans are testament to the strength of our assets, the transformation that has been taking place at Canary Wharf and the support we have from our lenders for our long-term plan. We are winning awards in our residential portfolio, attracting millions of visitors to the amenities within our mixed-use neighbourhood, and continuing to develop high quality, sustainable assets. With the opening of Middle Dock later this year, our exciting joint venture with the Eden Project, Canary Wharf will become an even more attractive environment to live and work.”

Media Enquiries

Brunswick: Nina Coad / Paul Durman
t: +44 (0)20 7404 5959
e: canarywharf@brunswickgroup.com