King’s Cross Central Limited Partnership has successfully completed a new, single loan facility of circa £1bn, which is secured by a number of investment assets at the King’s Cross Estate.
The loan term is up to five years and secured on “attractive terms”, said the partnership. The new debt will provide funding certainty and will consolidate a number of existing loans.
Robert Evans, chief executive of the King’s Cross Estate and joint managing partner of developer Argent, said: “It is clearly significant that King’s Cross can secure a loan of this calibre in a challenging market. It represents a powerful endorsement of King’s Cross as a highly desirable place, a resilient asset and a leading destination.”
The refinancing deal comes at an important time for the King’s Cross Estate, which is entering the final stages of development, with the last office and residential buildings under construction.
The King’s Cross Estate achieved carbon neutrality in 2021 and remains 100% commercially let to major occupiers including Meta, Google, AstraZeneca, Havas, Universal Music and The Office Group.
The loan was arranged and underwritten by Morgan Stanley Bank. Rothschild & Co advised the partnership on the refinancing.
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