Private property developer and investment manager Rocket Investments has secured a £240 mln (€340 mln) loan to finance the development of the Atlas Building mixed-use development in London.

Private property developer and investment manager Rocket Investments has secured a £240 mln (€340 mln) loan to finance the development of the Atlas Building mixed-use development in London.

Senior debt was provided by Lloyds Bank Commercial Banking, ICBC and The Bank of East Asia to complete the residential and commercial developments, with mezzanine financing provided by Highbridge Principal Strategies and Urban Exposure.

Due for completion at the end of 2018, the Atlas Building will comprise a 40-storey residential tower with 302 apartments, an 82,000 sq ft (7,620 m2) office building and 9,000 sq ft of retail space for shops, cafes and restaurants.

Work has already started on the island site, which is about 200 metres from Old Street roundabout. Designed by Make Architects, the tower will be 152 metres in height, making it the tallest in the Tech City area.

JLL has been instructed to market the residential units. Letting agents for retail and leisure are Allsop and GM Real Estate.

'Having worked on a number of significant projects in the Old Street area, we have seen its transformation at first hand and look forward to bringing this new mixed-use scheme to fruition to further the regeneration of the area,' said Tom Appleton, founder and chairman of Rocket Investments.