Joint venture partners British Land and GIC have completed a £450m, five-year green loan with two banks, secured against the 1 Broadgate office building.
The joint venture partners achieved practical completion of the 545,000 sq ft development in July. The office space is 96% pre-let to A&O Shearman and JLL.
David Walker, British Land’s chief financial officer, said: “We are delighted to have successfully arranged this £450m loan on our newest, best-in-class office building. This transaction underscores the confidence of our banking partners in this asset and the campus, and Broadgate’s continued appeal as the place to be in London for ambitious, forward- thinking businesses.
“The financing further enhances our flexibility to continue delivering space that meets the evolving needs of our customers, into a heavily supply constrained market where rents are growing strongly.”
