Canary Wharf Group, the developer of the largest urban regeneration project in Europe, announced that its shareholders, Brookfield and the Qatar Investment Authority, have committed £400 million to the company by way of a £300 million equity subscription and a £100 million revolving credit facility.
The proceeds will be used to complete the strategic repositioning of Canary Wharf and build out additional residential and life sciences projects on the estate.
It follows the £309 million refinancing of the Newfoundland residential property in March 2023.
Shobi Khan, CEO, CWG, said: “This investment underscores confidence in our business plan and the ongoing strategic repositioning of Canary Wharf. We have transformed the estate into a thriving, sustainable mixed-use neighbourhood with award-winning homes, an abundance of amenities and parks, a strong and unique retail offer, and a diverse office portfolio with an expanding life sciences offer. We are confident of the opportunities ahead.”
Brian Kingston, CEO, Brookfield Real Estate, said: “Canary Wharf continues to evolve into a vibrant and diverse estate well-positioned to meet the needs of the future. As a long-term, patient investor with flexible balance sheet capital and half a century of transitioning mixed-use assets into iconic urban districts, we are pleased to continue to support CWG on its journey alongside our partners, and believe the estate holds significant long-term value creation potential.”
The Shareholders have committed £300 million in the form of equity to Canary Wharf Group Investment Holdings plc (CWGIH).
In addition, CWGIH has access to a £100 million revolving credit facility provided by its ultimate shareholders and made available to Stork Holdings Limited (SHL) and all of SHL’s subsidiaries. SHL is the direct shareholder of, inter alia, CWGIH.
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