Ghelamco Group has secured £175m financing for the purchase and development of 225 City Road in Shoreditch, EC1, a freehold mixed-use project that will create an office-led scheme called the Arc.
Goldman Sachs is providing the senior loan for the scheme, with Tikehau Capital on the mezzanine facility.
225 City Road comprises a 0.9-acre development site which has secured planning consent for a mixed-use scheme, made up of around 150,000 sq ft of Grade-A office space, 100 residential apartments and around 7,500 sq ft of retail space.
Claudio Sgobba, senior director of debt and structured finance for the EMEA team at JLL, which advised Ghelamco on the financing, said: “This transaction is one the first ground-up development financings launched and completed during the Covid-19 pandemic and is indicative of the underlying strength of the central London market, appetite and availability of capital for the right sponsors and assets.”
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