Canary Wharf Group (CWG) has secured £553 mln (€645 mln) of financings, the majority of which were provided by a consortium of lenders.
The financings give CWG increased financial flexibility to implement its transformation plan, as well as significantly increasing debt maturities to increase funding certainty for the longer term.
The news follows the recent announcement that Morgan Stanley has extended its lease with CWG on its 547,000 ft2 (50,800 m2) EMEA headquarters until 2038. Barclays and Citi, two further leading international banks, have also recommitted to Canary Wharf.
In addition, CWG has in recent months raised £400 mln from its shareholders Brookfield and the Qatar Investment Authority and concluded an £84 mln forward-funding residential transaction with CBRE Investment Management.
The financings successfully completed during March and April 2024 include £132.3 mln secured on 15 & 20 Water Street and £341 mln secured on 25 Churchill Place, extending the loan until July 2030 on this office building let to EY and European Medicines Agency until 2040 and 2039 respectively.
A loan of £80 mln has been obtained for the construction of two new serviced apartments buildings for short and medium stays in the Wharf for the first time at 3 & 15 West Lane.
Becky Worthington, chief financial officer, CWG, said: 'These loans are testament to the strength of our assets, the transformation that has been taking place at Canary Wharf and the support we have from our lenders for our long-term plan.
'We are winning awards in our residential portfolio, attracting millions of visitors to the amenities within our mixed-use neighbourhood, and continuing to develop high quality, sustainable assets.
'With the opening of Middle Dock later this year, our exciting joint venture with the Eden Project, Canary Wharf will become an even more attractive environment to live and work.'
