LONDON (Reuters) – London’s Canary Wharf enterprise district stated on Tuesday it had agreed to borrow 610 million kilos ($777 million) from U.S. funding big Apollo to repay bonds due over the subsequent two years.
Landlord Canary Wharf Group (CWG) has confronted difficult buying and selling because the COVID-19 pandemic, with altering working patterns driving the departure of key workplace tenants together with HSBC. It stated the financing deal confirmed sturdy assist from lenders for the district.
CWG stated the mortgage was secured with purchasers and funds managed by Apollo in opposition to the vast majority of its 1.2 million sq. ft retail portfolio. After repaying the bonds due in April 2025 and 2026 with the proceeds, the owner stated it now had no additional materials refinancings till 2028.
($1 = 0.7850 kilos)
(This story has been refiled so as to add the phrase ‘million’ within the headline)
