CWG completes £610m refi with Apollo
Canary Wharf Group has completed a £610m refinancing with Apollo that will repay the group’s bonds due in April 2025 and April 2026.
The whole loan is secured in tranches against the majority of CWG’s 1.2m sq ft retail portfolio, which is currently 97% occupied.
CWG said it had successfully completed more than £2bn of refinancings in the past 12 months, through which it has repositioned its balance sheet so there are no material refinancings until 2028 and no significant office refinancing requirements until late 2029.
Canary Wharf Group has completed a £610m refinancing with Apollo that will repay the group’s bonds due in April 2025 and April 2026.
The whole loan is secured in tranches against the majority of CWG’s 1.2m sq ft retail portfolio, which is currently 97% occupied.
CWG said it had successfully completed more than £2bn of refinancings in the past 12 months, through which it has repositioned its balance sheet so there are no material refinancings until 2028 and no significant office refinancing requirements until late 2029.
Becky Worthington, chief finance officer at CWG, said: “We have achieved a significant amount of financing over the last 12 months and this latest deal with Apollo is testament to the strength of the proposition and our performance at Canary Wharf. We are pleased that Apollo could provide a bespoke solution to address both near and medium-term maturities, which speaks to the quality of our portfolio and supports the stability and long-term nature of our capital structure.”
CWG’s major refinancings over the past year include £564m secured on 1-5 Bank Street, home to Société Générale and the European Bank of Reconstruction and Development, which saw the loan extended until November 2029; £132m secured on 15 & 20 Water Street; £341m secured on 25 Churchill Place, extending the loan until July 2030; a loan of £80m for the construction of two new serviced apartment buildings at 3 & 15 West Lane; and a £76m loan secured for One Churchill Place.
Brookfield, which owns CWG alongside Qatari Diar, had agreed to provide a backstop of up to £900m to the group, if CWG had been unable to secure the refinancing.
