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Canary Wharf to start 23 storey tower with £190m loan

Canary Wharf Group has secured a £190 million loan facility which will allow it to start a major office scheme at 25 Churchill Place.

Barclays is coordinating a syndicate of banks who will help finance the 500,000 sq ft commercial development.

Half the floor area of the 23-storey tower has been pre-let to the European Medicines Agency which will take occupation upon completion at the end of 2014.

Canary Wharf Group managing director, finance, Peter Anderson said:  “We are delighted to have concluded this facility in the current difficult financial market. It shows that with a good consortium of lenders and the right project it is still possible to raise significant construction funding.

“We can now start construction in early 2012 knowing we have secured all the necessary finance.”

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