Canary Wharf Group (CWG) has secured a £610m loan with clients and funds managed by Apollo.
The proceeds of the loan, which is secured in tranches against the majority of CWG’s 1.2m sq ft retail portfolio, will be used to repay the company’s bonds due in April 2025 and April 2026.
In the last 12 months, CWG has completed more than £2bn of refinancings and as a result, the company has no material refinancings until 2028 and no significant office refinancing requirements until late 2029.
Becky Worthington, chief finance officer at Canary Wharf Group, said: “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. 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.
“We continue to attract new businesses to the Wharf including health, life sciences, education, VC start-ups and scale-up customers. Several customers have recommitted including Barclays, Morgan Stanley, Citibank and JP Morgan, and earlier this year, Revolut chose Canary Wharf as its global headquarters.
“Canary Wharf is a thriving mixed-use neighbourhood with more than 3,500 people now living here and that figure is set to double over the next two years. Our retail, leisure and hospitality offer continues to grow with an ecosystem that includes childcare and schooling, universities, hotels, gyms and health centres.”
Ben Eppley, partner and head of real estate credit, Europe, at Apollo, added: “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.”
