Ballymore has agreed an £82m three-year development loan with Lloyds Bank Commercial Real Estate to bring forward a 211,000 sq ft office building at its Embassy Gardens development in London’s Nine Elms.
The 10-storey building, which will be the first office development at Nine Elms, is already substantially pre-let by Penguin Random House and due for completion in 2019.
Embassy Gardens is a major mixed-use scheme located close to the new US Embassy. It will deliver around 2,000 new homes, retail, leisure and recreational space.
The deal is the first for Lloyds Bank within Nine Elms and with developer Ballymore.
Commenting on the deal, John Mulryan, UK managing director of Ballymore said: “This significant new backing from Lloyds Bank underlines the quality of this transformative development and the wider Embassy Gardens regeneration project. For Ballymore this also marks the start of an important new relationship with Lloyds Bank.”
Madeleine McDougall, head of Commercial Real Estate for Lloyds Bank, added: “Embassy Gardens is a new central London community and its office accommodation is an important part of its viability and on-going economic value. Supporting new development like this, which creates jobs and supports growth, shows our commitment to UK plc.”
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