Cain Hoy Enterprises has confirmed it will provide £390m in forward funding for One and Two Southbank Place in the Shell Centre redevelopment, SE1.
The funding allows Almacantar to forward purchase the sites from Braeburn Estates, a joint venture between Canary Wharf Group and Qatari Diar.
Jonathan Goldstein, Cain Hoy’s head of European investments, said: “This was the largest property deal ever completed on London’s South Bank and one of the largest bilateral, non-syndicated arrangements since the credit crash, certainly by a non-bank. The transaction reflects our appetite to support major transactions and our flexible approach focused on meeting individual requirements.”
One Southbank Place will be a 272,938 sq ft office complex destined to become the new headquarters of Shell International, while Two Southbank Place will be a speculative office and residential development.
In addition to the office and residential space, there will also be a roof terrace, five winter gardens and entertainment spaces with views over the Thames.
During the development Canary Wharf Group and Qatari Diar will maintain control of the construction and final delivery of the sites. Almacantar will take over the marketing of the development to new tenants.
Both sites are expected to be completed in 2018.
