Crosstree Partners and AEG’s development plans for the O2 Arena in Greenwich, SE10, are to be funded by a £185m loan from Lloyds Banking Group.
The partnership plans to develop a 204,000 sq ft designer outlet village adding to the 370,000 sq ft of mainly food and beverage outlets in the former Millennium Dome.
Lloyds’ loan will consist of a development facility and a £110m refinancing of an existing facility for the current retail and leisure assets.
The loan will be backed by cash flow from the 24 national restaurants and 11-screen cinema, which have an average lease length of 18 years.
A contractor will be appointed in the first quarter of 2016 and work is expected to complete in late 2017.
