In March 2017, Cain International agreed to provide a £450 million development loan to the Canary Wharf Group to fund its office development at 1 & 5 Bank Street. This was believed to be the largest development financing to complete following the triggering of Article 50.
Cain International funded 75% of the loan with Qatar Investment Authority’s (‘QIA’) providing the remaining 25%.
1 & 5 Bank Street is a 715,000 sq. ft. commercial scheme offering high-quality office space with three levels of trading floors, a retail unit at ground level and public access to a new promenade along the South Dock. Upon completion, the development, designed by world-renowned architects Kohn Pedersen Fox, will be one of just a handful of buildings to achieve an ‘outstanding’ BREEAM environmental and sustainability rating. Set to complete in early 2019, the 27-storey scheme is already 40% pre-let to Société Générale. The remaining c.359,000 sq. ft. of office space, set across floorplates of c.27,000, are being marketed by agents JLL, CBRE and GM Real Estate.