Canary Wharf offices get £190m in funding
A group of banks have put forward £190 million so new London offices can be constructed.

Deutsche Pfandbriefbank AG, Barclays Bank, the Royal Bank of Scotland and Lloyds TSB have granted the investment loan to Canary Wharf Group for a large office project at Canary Wharf.

Located at 25 Churchill Place, the commercial property will comprise 500,000 sq ft of space across 23 storeys.
Half of the London offices have already been pre-let to the European Medicines Agency (EMA), with completion of the building works scheduled for the end of 2014.

The EMA is currently located at Canary Wharf's 1, 7 and 11 Westferry Circus in approximately 225,000 sq ft of space.

Managing director of finance at Canary Wharf Group Peter Anderson said: "We are delighted to have concluded this facility in the current difficult financial market.

"It shows that with a good consortium of lenders and the right project it is still possible to raise significant construction funding. We can now start construction in early 2012 knowing we have secured all the necessary finance."

The news of the plans to develop 25 Churchill Place was announced in August, when it was revealed the EMA will pay £46.50 per sq ft in rent from January 1st 2015 on a 25-year lease with no breaks.

There will also be the option for the organisation to rent an extra four floors, each totalling 27,500 sq ft. In order to fit out the building to its specifications, the EMA will have a rent-free period of 37 months.

Canary Wharf Group expects the tower to be one of the most energy efficient on its estate, with proposed features including photovoltaic cells and a green roof to boost biodiversity. It is hoped a Building Research Establishment Environmental Assessment Method rating of excellent will be achieved.

Posted by Sarah Dudley

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