In October 2014, Cain International announced its agreement with Almacantar to provide £390m for the forward purchase and development of One and Two Southbank Place.
The loan, which was at the time the largest bilateral, non-syndicated arrangement since the credit crunch, will lead to the development of two office towers. One Southbank Place will be a new landmark headquarters for Shell International’s downstream business whilst Two Southbank Place was a speculative office and retail development and will be ready for occupation in 2018.
Canary Wharf and Qatari Diar have full responsibility for the construction and delivery of the buildings.
Jonathan Goldstein, upon announcing the deal, said: “This was the largest property deal ever completed on London’s South Bank and one of the largest bilateral, non-syndicated arrangements since the credit crash, certainly by a non-bank. The transaction reflects our appetite to support major transactions and our flexible approach focused on meeting individual requirements.”
The loan was fully repaid in February 2019.