News on 10 November 2000

Canary Wharf has secured a £1bn revolving real estate construction loan to finance new development.
The company, which currently has 540,000 sq m (5.8m sq ft) of construction underway will use the loan to build new offices for companies including Morgan Stanley, HSBC, Citigroup, Clifford Chance, McGraw Hill, Waitrose, The Northern Trust Company and Credit Suisse First Boston (CSFB). A revolving loan has been secured and therefore as buildings are completed and refinanced, new ones can be funded with the facility.

Letting contracts recently announced include Clifford Chance – for 73,000 sq m (785,000 sq ft) in a newly built 93,000 sq m (1m sq ft) building, and CSFB – to lease a 46,000 sq m (500,000 sq ft) building. Canary Wharf will also commence building 56,000 sq m (600,000 sq ft) of office space once CSFB has signed a binding commitment on the 46,000 sq m property. Moreover, the company has purchased 27,000 sq m (6.7 acres) of land north of Canary Wharf.

Co-arranging the loan facility are Eurohypo AG, HSBC Bank, HVB Real Estate Capital and The Royal Bank of Scotland. Eurohypo Ag is also facility agent and security trustee.

Jessica Jarlvi