Cain Hoy has arranged a £450m loan for Canary Wharf Group for the development of One and Five Bank Street, E14.
Some £112.5m, or 25%, of the loan to develop the 715,000 sq ft scheme has been provided by QIA, itself a 50% owner of Canary Wharf Group alongside Brookfield following their £2.6bn takeover of the company in 2015.
The Kohn Pedersen Fox-designed, 27-storey project is 40% prelet to Société Générale and is due to complete in early 2019.
John Cole, managing director of Cain Hoy, said: “This development loan highlights our confidence in the continued appeal of the London office market and our commitment to supporting developers with a one-stop source for big-ticket loans at a time when some traditional lenders are being more conservative. This transaction is representative of our partnership approach, using our relationships and experience in the property industry to add value and provide individual solutions to complex requirements.”
GM Real Estate, JLL and CBRE are the leasing agents on the remaining space in the building.
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