LCN Capital Partners has secured a £122m loan for the development of Unilever’s new 283,000 sq ft global HQ in Kingston Upon Thames.
In addition to a £43m commitment from Investec Real Estate, £79m of debt has been arranged with Allied Irish Bank (GB) and Bahrain-headquartered Bank ABC.
The Unilever Campus, which consists of two interlinked glass-fronted buildings, is being developed by Cube Real Estate and will be delivered in late 2024/early 2025. It is anticipated the campus will receive BREEAM Excellent certification and be net zero carbon in operation.
Ward Stocker, from LCN Capital Partners, said: “LCN is pleased to be partnering with Investec, Allied Irish Bank (GB) and Bank ABC to underwrite what is an iconic, best-in-class and tenant critical building with strong ESG credentials. We are committed to supporting tenants operate the very best real estate, whilst maintaining our position as a long-term investment partner. The tide has changed in real estate and in today’s world, our strategy is focused on delivering next generation real estate.”
Hollie Sleigh, from Investec Real Estate, added: “This is our largest club deal since January 2022, demonstrating our growing expertise in arranging larger, £100m+ loans and supporting landmark real estate schemes. Leveraging our network of like-minded global banking relationships, combined with our 30-year, through-the-cycle UK lending platform, has enabled us to deliver an innovative solution for LCN.
“As businesses of all shapes and sizes accelerate their return to the office, we are seeing an increasing bifurcation in the London office market. Grade A, highly sustainable assets like the Unilever Campus, that enable employers to provide the optimal working environment for employees in order to attract talent and foster a strong sense of identity with creativity and collaboration at its core, remain in high demand.
“The outlook for non-ESG compliant offices, particularly in secondary and tertiary locations, is a lot bleaker. We will continue to back clients and projects on the right side of this widening divide.”
