Legal & General provides £420 mln financing for One and Two Southbank

London commercial property finance

LGIM Real Assets has provided £420 million in long-term financing to support Almacantar on the debt refinancing of One and Two Southbank place in London.

One and Two Southbank place represent the commercial element of the 1.5 million sq ft. mixed-use development at Southbank Place, being delivered by Canary Wharf and Qatari Diar. They are the first two buildings at Southbank Place to complete, and form an integral part of the wider regeneration of the Southbank Place development.

One Southbank Place reached practical completion in August 2018, and has been handed over to long-term leaseholder Shell International. Shell has taken a 20-year lease and will make the premises their new UK headquarters.

In January 2019, Two Southbank Place was handed over to WeWork, which has taken a 20-year lease. Following fit out of the site, Two Southbank Place will become the world’s largest co-working space.