London, England, April 20, 2017 – Cain Hoy Enterprises, LP (“Cain Hoy”), has provided a £450 million development loan to Canary Wharf Group to fund its office development One & Five Bank Street, in what is believed to be the largest development financing to complete following the triggering of Article 50.
Cain Hoy is funding 75% of the loan and has arranged the Qatar Investment Authority’s (‘QIA’) participation for the remaining 25%.
One & Five 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. The development, designed by world-renowned architects Kohn Pedersen Fox, is one of just a handful of buildings to achieve an ‘outstanding’ BREEAM environmental and sustainability rating. The 27-storey scheme, which is set to complete in early 2019, is already 40% pre-let to Société Générale. The remaining c.359,000 sq ft office space, set across floorplates of c.27,000, is being marketed by agents JLL, CBRE and GM Real Estate.
John Cole, Managing Director of Cain Hoy, said: “We are thrilled to be teaming up with QIA to provide Canary Wharf Group with the financing to bring this exciting project to life. 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. Canary Wharf Group is an established and highly respected developer, creating what we are certain will be an exceptional and attractive office building.”
Paul Stallard, Group Treasurer of Canary Wharf Group, said: “One & Five Bank Street is a fantastic development that has already attracted a major pre-let. The Cain Hoy team has a strong reputation and we are pleased to have worked with them and QIA to secure this significant loan which enables us to push ahead with this exciting scheme.”