Cheyne Capital Management has provided a €138m (£122.8m) senior loan to MARK, the pan-European real estate investment manager, to refinance a newly developed, mixed-use scheme known as Borough Yards in south London. The loan provided was used to refinance the existing lender group following practical completion and partial lease-up.
Borough Yards sits in a prime location adjacent to Borough Market and provides state-of-the-art leisure, office and retail space. The regeneration of this site has activated an area of London Bridge which benefited from a healthy footfall of over 15 million people per annum but which was historically underserved by retail. The new scheme includes over 50 units nestled underneath Victorian arches, an Everyman cinema and two fully let office buildings – operated by The Office Group - with BREEAM “Excellent” ratings.
Filippo Alessandria of Cheyne Capital Real Estate said: “At Cheyne we are mostly sector agnostic, focusing instead on lending against quality real estate projects and Sponsors who have a proven track record and capabilities to deliver on their Business Plan. The new Borough Yards scheme brings to London Bridge a uniquely designed mixed-use destination, underpinned by unparalleled footfall from nearby Borough Market and Tate Modern. All this is evidenced by the impressive leasing activity at the scheme. We look forward to working with MARK on this exciting project.”
