Thursday 11 May 2023

Qatari Diar and Canary Wharf Group secure loan facility for prime apartments – 11.05.23

Qatari Diar and Canary Wharf Group (CWG) has successfully agreed a £183m Construction Loan Facility for the final phase development of Southbank Place. The 13-storey building at 7 Belvedere Road will provide 92 new apartments as well as a further 18,600sq ft of retail space to benefit the well-established public realm and existing retail offering in the area.

Southbank Place is a mixed-use joint venture development between Qatari Diar and CWG. Situated in a prime central London location on the south bank, it has become a recognisable landmark behind the London Eye on the river Thames boasting unparalleled views of the city. The final phase at 7 Belvedere Road will establish Southbank Place as one of London’s most vibrant destinations. The financing is provided by Barclays and Standard Chartered.

Tariq Al Abdulla, Chief Development & Project Delivery Officer (Europe & America), Qatari Diar: “Securing the construction loan for the final development phase at Southbank Place is a milestone we are extremely proud of. Through the strength of the project we have been successful in achieving the financing that will drive the completion of Southbank Place and cement it as one of London’s most desirable addresses.  

Rebecca Worthington, CFO, Canary Wharf Group, said: “Southbank Place is an important scheme for us and our joint-venture with Qatari Diar has so far resulted in high quality, amenity rich buildings that serve the requirements of buyers in the South Bank. We worked closely with Barclays and Standard Chartered, two of our strongest relationship lenders, to make this financing deal happen at 7 Belvedere Road.

www.southbank-place.com

ENDS

For further information, please contact:

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

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 16.5 acres of 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 70 bars, cafes and restaurants and over 300 shops, including 8 grocery stores, pharmacies and health clubs all within 15 minutes’ walk. 

The Company’s current £2.4bn construction activity and pipeline includes more than 500k square feet NIA of commercial properties and over 2,400 new homes for sale and rent.

www.canarywharf.com
LinkedIn: @CanaryWharfGroup
Instagram: @canarywharflondon /@canarywharfworks
TikTok: @canarywharflondon
Twitter: @CanaryWharfGrp / @Level39CW

About Qatari Diar 

Qatari Diar is a global leader in sustainable real estate, building landmark projects of unrivalled scope and vision. We create vibrant communities dedicated to capturing the hearts and imaginations of the people we serve. These developments are conceived from our commitment to preserving and reflecting local characters and traditions and our visions have created places with a sense of identity and purpose where people aspire to live, work and visit.  

Qatari Diar’s European operation is based in London, and boasts several key local projects, including a landmark residential development at the 12 acre Chelsea Barracks site in Belgravia; Southbank Place, a mixed-use joint venture between Qatari Diar and Canary Wharf Group situated in a prime central London location on the south bank of the River Thames; 30 Grosvenor Square, the current US Embassy in London, which will become a luxury hotel, retail and event space; and East Village & Elephant Park, a joint venture with Delancey and APG, offering more than 4000 private residential apartments for rent.   

Qatari Diar seeks to harness the world’s greatest architectural and design talent in order to create sustainable communities that will stand the test of time.   

www.qataridiar.com