Canary Wharf Group (CWG) has secured a £610 million loan from funds managed by Apollo Real Estate Credit business.
The London-headquartered property company said the cash will be used to repay bonds due in April 2025 and April 2026.
The loan is also secured in tranches against most of CWG’s 1.2 million sq. ft retail portfolio, which is currently 97 per cent occupied.
Other customers include Barclays, Morgan Stanley, Citibank, JP Morgan, and Revolut.
“We have achieved a significant amount of financing over the last 12 months and this latest deal with Apollo is testament to the strength of the proposition and our performance at Canary Wharf,” said Becky Worthington, chief finance officer for CWG.
“We are pleased that Apollo could provide a bespoke solution to address both near and medium-term maturities, which speaks to the quality of our portfolio and supports the stability and long-term nature of our capital structure.”
The deal comes as CWG secures more than £2 billion of refinancing (loans) in the last 12 months, indicating strong support from lenders.
It means CWG’s balance sheet has no material refinancing until 2028 and no significant office refinancing requirements until late 2029.
Recent deals include:
- £564 million secured on 1-5 Bank Street, home to Société Générale. (Loan extended until November 2029).
- £132 million secured on 15 & 20 Water Street, Wood Wharf.
- £341 million secured on 25 Churchill Place, offices let to EY. (Loan extended until July 2030).
- £80 million for the construction of two new serviced apartment buildings at 3 & 15 West Lane, Canary Wharf.
- £76 million secured for One Churchill Place, plus an extension of existing £390 million loan to 2039 alongside Barclays lease extension to same date.
Canary Wharf is a premium mixed-use neighbourhood, home to more than 3,500 people – a figure that is set to double over the next two years.
It has more than 320 shops, 80+ bars, cafes and restaurants, pharmacies, health clubs, a school, and 16.5 acres of public realm.
Vertus Edit, a new aparthotel, is also set to open in February next year.
Ben Eppley, partner and head of Real Estate Credit, Europe, said: “We are pleased to provide a scaled financing to Canary Wharf Group, secured against one of London’s premier shopping and leisure destinations.
“Our ability to transact in size and provide a tailored solution we think demonstrates why leading developers and real estate owners like CWG choose to partner with Apollo’s Real Estate Credit business.”
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