The UK’s second biggest property company Canary Wharf has arranged what is thought to be the UK’s largest ever construction loan to finance more development in London’s Docklands.
The £1bn facility will fund building of the next phase of offices at the Canary Wharf scheme. It was provided by Eurohyp HVB Real Estate Capital, HSBC and Royal Bank of Scotland.
Canary Wharf said the loan would revolve to fund new buildings and that completed developments were likely to be refinanced through further securitisation.
This might include revolving notes linked to the £975m Canary Wharf securitisation, which was completed in June. The developer has about 539,000m2 of construction under way, including buildings for Morgan Stanley, HSBC, Citigroup, Clifford Chance and McGraw Hill.
