Insurance group Canada Life has committed £38 mln (€46 mln) to forward-fund the first phase of development of Development Securities and Berkshire Investment Capital's project in London's Cross Quarter at a yield of 4.41%.
Insurance group Canada Life has committed £38 mln (€46 mln) to forward-fund the first phase of development of Development Securities and Berkshire Investment Capital's project in London's Cross Quarter at a yield of 4.41%.
The funding will be used to finance the development of an 81,000 sq ft (7,525 m2) food store, pre-let to Sainsbury’s, which will anchor the £85 mln mixed-use regeneration scheme.
Besides the food store, Cross Quarter has planning consent for 220 residential apartments and 5,000 sq ft of retail and commercial space.
The industrial site was acquired in April 2011 and lies adjacent to Abbey Wood station which will become the South East terminus for Crossrail in 2018.
Demolition work on the first phase has commenced ahead of construction starting later this year with a targeted completion in Q2 2015.