Canary Wharf Group has agreed a £350m senior loan facility secured against its recently completed 25 Chu
rchill Place, E14.
The company is understood to have secured a 60% loan to value facility from a club of three banks: Dutch bank ING, German lender LBBW and the Qatari National Bank. The deal is thought to have been agreed at a margin close to 140bps.
The building has been let to EY and the European Medicines Agency, which together occupy around 90% of the 500,000 sq ft, 23-storey building. The EMA took its space in late 2014 and EY is due to move in this summer.
As of the end of last year the building was valued at £585m, according to Canary Wharf Group’s annual results.
The building was completed in July 2014 using a five-year £190m development loan, issued in 2011, from Barclays, Lloyds, Royal Bank of Scotland and Deutsche Pfandbriefbank.
The terms of that loan saw CWG pay 300bps over three-month LIBOR until such time it had rental income, when the margin dropped to 250bps or 225bps, depending on interest cover.
QNB has been a favoured choice for financing assets for Canary Wharf Group, which itself is now 50% Qatari-owned following its £2.6bn take-private by QIA alongside Brookfield in January.
In May the bank was joined by HSBC, Barclays and Lloyds Bank in the £620m financing of CWG’s Wood Wharf scheme.
In April it was also part of the consortium that provided a five-year, £705m loan to QIA secured on its £1.1bn HSBC Tower scheme at 8 Canada Square, E14.
