Cain International has loaned Barings and LBS Properties £109m to develop their green South Bank office scheme.
The private investment firm, led by Jonathan Goldstein, agreed the development loan for the 146,334 sq ft development at 135 Park Street, SE1.
The developers hope the Squire & Partners-designed buildings will achieve a minimum BREEAM rating of Excellent and be net zero for carbon. Demolition work is due to commence in Q3 2021.
“We believe that offices which place an emphasis on sustainability, like 135 Park Street, are extremely important and will play a critical role in the future success of leading organisations and cities,” said Matteo Milan, principal at Cain International.
Barings and LBS bought the existing Emerson Building from LaSalle Investment Management last month for £43.3m. LaSalle retains the freehold.
JLL advised Barings and LBS Properties on the financing.
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Image by Squire & Partners courtesy of Barings
