Canary Wharf Group plc secures £190-mln. loan facility for new commercial development (UK)

Canary Wharf Group plc has secured a £190-million (approx. €228-million) development and investment loan facility for the development of a major office scheme at 25 Churchill Place, Canary Wharf.

25 Churchill Place - View from South

The 23-story tower is set to be constructed by the end of 2014.

The facility was secured from a syndicate of banks consisting of Barclays Bank PLC, Deutsche Pfandbriefbank AG, Lloyds TSB and The Royal Bank of Scotland PLC; with Barclays also acting as coordinator, agent and security trustee.

The 500,000-ft² (approx. 46,450-m²) commercial development will add to the Group's extensive property portfolio, with 250,000 ft² of the scheme pre-let to the European Medicines Agency. The 23-story tower is set to be constructed by the end of 2014.

Canary Wharf Group plc is an integrated property development, investment and management group of companies. In the last two decades it has developed more top-quality office space in London than any other company, helping to position the capital as one of the best places in the world to locate a business.

Peter Anderson, Managing Director, Finance, Canary Wharf Group said: "We are delighted to have concluded this facility in the current difficult financial market. It shows that with a good consortium of lenders and the right project it is still possible to raise significant construction funding. We can now start construction in early 2012 knowing we have secured all the necessary finance."

Source: Barclays Corporate

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