Eurohypo refinances EUR 1.4bn residential scheme

German-listed real estate bank Eurohypo has refinanced the EUR 1.4 bn residential development at One Hyde Park in Knightsbridge, London. This enables PGGL, the joint venture between CPC Group and Waterknights, to complete the development of 80 luxury apartments and three retail units on the former Bowater House site. Construction of the 36,000 m² project has begun and delivery is expected in 2010.

CPC Group was founded by brothers Nick and Christian Candy, and Waterknights is owned by HE Sheik Hamad bin Jassim bin Jabr Al-Thani.

Richard Williams, chief operating officer of CPC Group, said: 'We worked closely with Eurohypo to create a tailor made finance solution that will enable this exciting project to reach completion. Eurohypo advised us on all aspects of the financial arrangements and we really value the team’s expertise and continued professional support. They acted incredibly quickly in order to deliver this financing. Now we can complete the best residential scheme in London and arguably the world.'

Dan Smith, vice president Origination at Eurohypo added: 'One Hyde Park is already anticipated as a global benchmark for quality in residential development. We worked hard to create an optimal funding structure to ensure that PGGL can realise its vision. The tight timeline and sheer scale of the project played to our detailed understanding of local market and market leading capabilities. The project has progressed ahead of expectation and significantly de-risked since underwriting in February. We have recently concluded the successful syndication of a substantial element of the facility to HSH Nordbank London Branch and Helaba as Co-Arranger and Sub-Underwriter.'