Cheyne Capital has teamed up with Apollo to provide UK property group Castleforge with a £115m (€138m) senior loan facility to support its redevelopment of 1 Golden Lane, a prime office scheme in the City of London.
Acquired by Castleforge in November 2021, 1 Golden Lane. – to be known as UNO – is situated between the Barbican and Golden Lane estates within the Square Mile and will offer around 120,000sqft of commercial space once completed in the first quarter of 2026.
The heritage features of the Grade II listed site will be retained throughout construction, including the original elements of the façade, which date back to 1896.
Midgard has been appointed as the main contractor to oversee the £60m construction project.
Michael Kovacs, founding partner of Castleforge, said: “UNO will provide office spaces fit for blue chip occupiers looking for a new central London headquarters and highlights our commitment to investing in London’s sustainable office market.”
Andreas Dimitriou at Cheyne Real Estate, said: ”The demand for premium office space in central London remains strong, particularly for properties that combine high-quality facilities with expansive green space.
“Castleforge has a proven track record of executing ambitious, innovative, and sustainability-led developments in the UK and Europe. We are thrilled to be partnering with the team again, alongside Apollo, to create a best-in-class workspace with the highest ESG standards at its core.”
Ben Eppley, partner and head of European RE credit at Apollo, said: “We are pleased to join Cheyne in supporting the team at Castleforge on 1 Golden Lane, a Grade II listed site that will be thoughtfully and sustainably redeveloped to meet continued demand for high quality office space.”
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