Cain Hoy has provided a £390m loan to finance Almacantar’s £550m forward purchase of 1 and 2 Southbank Place in the Shell Centre development, SE1.
The loan from the US private equity firm represents a near 71% loan-to-value ratio on the two buildings. The deal will be one of the largest unsyndicated forward purchase agreements this cycle and one of the largest deals by a non-bank lender this year. The 527,616 sq ft of office, residential and leisure space is due to complete in 2018.
Shell International has taken 1 Southbank Place on a 20-year lease. Almacantar will market 2 Southbank Place while site owners Canary Wharf and Qatari Diar develop the two assets.
