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
Notes to Editors
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 9 million square feet of mixed-use space and over 1,100 Build to Rent apartments.
CWG is a sustainable developer in the UK and also excels operationally as it has purchased 100% electricity from renewable sources since 2012 and sent zero waste to landfill since 2009.
CWG has created a 24/7 city where people can live, work and thrive 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 £2bn construction activity and pipeline includes more than 500k square feet NIA of commercial properties and over 2,300 new homes for sale and rent.
Instagram: @canarywharflondon /@canarywharfworks
Twitter: @CanaryWharfGrp / @Level39CW / @Wood_Wharf
Vertus is part of the Canary Wharf Group. Over the last 30 years the Group has serviced the world’s blue-chip corporate and retail tenants whilst undertaking the design, construction and management of the ever-growing Estate. Canary Wharf Group has built this reputation by providing exceptional service through estate management, building management, public space management and security.
Canary Wharf’s new neighbourhood, Wood Wharf, will provide up to 3,600 new homes, 2m sq ft of office space, 350,000 sq ft of retail and leisure space and over nine acres of public spaces, squares and parks. There will also be a GP surgery and a two-form primary school for 420 children.
Vertus manage all aspects of the build-to-rent developments on the Estate. The Vertus portfolio currently consists of three buildings, 10 George Street, 8 Water Street and Newfoundland, totalling 1,137 build-to-rent residential apartments.
Vertus manage the residential leasing and management of the buildings and the individual apartments. Vertus are dedicated to meeting the needs of their customers and residents by providing a superlative service, 24 hours a day and 365 days per year.