Developer Canary Wharf Group, a subsidiary of Songbird Estates, is to embark on its first project outside the Canary Wharf estate. Morgan Stanley Real Estate Fund V and Exemplar Developments, on behalf of Omega Land, have teamed up with the Canary Wharf Group in a joint venture to redevelop the Drapers Gardens office scheme in the City of London.
Developer Canary Wharf Group, a subsidiary of Songbird Estates, is to embark on its first project outside the Canary Wharf estate. Morgan Stanley Real Estate Fund V and Exemplar Developments, on behalf of Omega Land, have teamed up with the Canary Wharf Group in a joint venture to redevelop the Drapers Gardens office scheme in the City of London.
Canary Wharf Group has also acquired 20% of the share capital in the companies that own Drapers Gardens, close to the Bank of England.
The demolition of the previous building - the tallest ever undertaken in London - has commenced to clear the way for a 14-floor commercial office development that will provide just under 30,000 m2 of lettable space. Canary Wharf Group said the construction of the new building, designed by Foggo Associates, will commence on the completion of the demolition next October. The new building is scheduled for completion in autumn 2009. Canary Wharf Group will be responsible for the day-to-day running of the scheme, its first in the City Of London. The joint venture has secured a £172 mln (EUR 259 mln) construction loan facility via Lehman Brothers.
Canary Wharf Group was taken over by a consortium led by Morgan Stanley using Songbird Estates in March 2004. Property advisor Knight Frank acted for Exemplar Developments, while CBRE advised Canary Wharf Group.
