INDUSTRY NEWS

Canary Wharf Group secures funding for 25 Churchill Place

Canary Wharf Group has revealed that it has secured funding for the construction of Canary Wharf office space.

Funding for the development at 25 Churchill Place has been secured from a syndicate of banks. The syndicate consists of Deutsche Pfandbriefbank AG, The Royal Bank of Scotland, Barclays Bank and Lloyds TSB.

Comprised of 500,000 sq ft of office space – spread across 23-storeys – 25 Churchill Place currently has an expected completion date of 2014.

Canary Wharf Group has also secured a tenant for half of the building – with a pre-let agreement signed for the European Medicines Agency to occupy 250,000 sq ft.

Peter Anderson, managing director of finance at 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,” he added.

News bought to you from DeVono Cresa, the award-winning commercial property advisers, specialising in Central London office, retail and leisure space.

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