Meyer Bergman has brought in Eastdil Secured to find a funding partner for its £300m Borough Yards development near London Bridge, SE1.
It is part of a recapitalisation exercise for the 197,800 sq ft Covent Garden-style scheme that will effectively leave Meyer Bergman as the development and asset manager.
Excavation and enabling works have largely completed, de-risking the development, which spans 1 Bank End, Thames House and the former site of wine-tasting venue Vinopolis, SE1. Southwark Council’s planning committee granted planning permission in July 2016.
Tenants already secured include Everyman Cinema and flexible workspace provider The Office Group, which will occupy Thames House and a new adjacent building spanning 68,500 sq ft.
It is understood Meyer Bergman, which holds the investment in Borough Yards in its European Retail Partners II fund, has also secured development funding from the Bank of China for the scheme.
Meyer Bergman first unveiled its vision for the site two years ago, shortly after it bought the long leasehold of the site.
Meyer Bergman’s search for a funding partner follows the instruction of CBRE by Malaysian property firm Black Pearl last month to look at possible funding and delivery options for its £1bn scheme on Blackfriars Road, SE1.
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