Real estate investor Castleforge has secured a £115 mln (€138 mln) loan from alternative investment manager Cheyne Capital and affiliates of Apollo to support the redevelopment of an office scheme in London, UK.
Acquired by Castleforge in 2021, 1 Golden Lane, also known as Uno, is located between the historic Barbican and Golden Lane estates within London’s Square Mile. The redevelopment will offer approximately 11,148 m2 of high-quality office space within a short walking distance of the Elizabeth Line at Farringdon Station.
The Grade II listed building, designed by Sidney Smit, the architect of Tate Britain, will retain its original heritage features which date back to 1896. Midgard has been appointed as the main contractor for the £60 mln (€72 mln) construction project, which will include the reuse of existing steel, the creation of terraces and communal workspaces, and the addition of three new levels.
Preliminary works, including the reclamation of steel, have already been completed, and the main construction phase began in August 2024. The project is expected to be completed in the first quarter of 2026.
Michael Kovacs, founding partner of Castleforge, said: ‘High-profile firms need best-in-class office environments, especially at a time when employees are now either in the office full time or hybrid working and require exceptional sustainability certifications to keep pace with ESG commitments. 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, commented: ‘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, added: ‘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.’
Uno will retain 95% of the existing building structure and aims to achieve the BREEAM Outstanding rating. The development will also incorporate integrated urban greening, designed by renowned landscape architect Andy Sturgeon, a Chelsea Flower Show Gold Medalist.
Castleforge believes there is a significant shortage of such high-quality office space in central London. The company aims to address this gap through the redevelopment of 1 Golden Lane and its other landmark project, 75 London Wall, the former headquarters of Deutsche Bank, which was acquired in 2023.
Lakefield Capital acted as a financing broker on the transaction.
