Canary Wharf Group (CWG) has successfully secured £309m of refinancing for Newfoundland building, now construction is complete
The residential building, part of the Vertus offering, is fully occupied, reflecting strong demand
CWG is pleased to announce a £309m [5 year] refinancing deal for Newfoundland, part of the Vertus development, provided by Société Générale, Citi and Qatari National Bank. Canary Wharf Group, since the launch of its first Build to Rent (BTR) residential building in 2020 with Vertus, has seen strong demand and uptake for its residential offering.
The award-winning BTR apartments in Newfoundland are now fully occupied, reflecting the quality of design, vibrant location and diverse amenities. Vertus’s other BTR developments at Canary Wharf include 10 George Street and 8 Water Street which are also fully occupied. CWG now has over 3,500 people living on the Estate, with [2,200] built units with a further [1,650] under construction.
The Estate continues to serve as an extraordinary environment for the residential community, with two new primary schools alongside additional grocery and healthcare provisions recently welcomed Occupancy rates also demonstrate the benefits of direct access to the wide range of independent and global retail and leisure brands on the Estate. Residents can also access a growing range of amenities including the UK’s fastest electric go-karts, Go Boat, open water swimming and the launch of an eight court Padel tennis centre this summer.
Since the launch of the Elizabeth line, with journeys to central London in as little as six minutes, Canary Wharf has never been better connected with direct services via the Jubilee line, the DLR, Thames Clipper Service.
Savills Capital Advisors acted as debt financing advisors to CWG on this transaction.
Becky Worthington, CFO, Canary Wharf Group, said: “The growth of residential has proved to be a huge success for Canary Wharf Group, the level of interest, and speed of take-up for our residential products has been exceptional. Today Canary Wharf offers a vibrant mixed-use community offering an extraordinary environment to all those live, work and visit. The agreed financing deal is a testament to the market’s confidence in our products, the place and the opportunities ahead.”
For further information, please contact:
Canary Wharf Group plc
T: 020 7418 2166