Crédit Agricole CIB supports Phase 1 of the Canada Water Masterplan
Crédit Agricole CIB together with NatWest successfully closed a £150m green loan facility to support Phase 1 of the Canada Water Masterplan, a joint venture between British Land and AustralianSuper.
The Canada Water Masterplan is a 53-acre, mixed-use scheme located in Central London. The 10-12-year project will deliver a new town centre including the first new high street in London for 100 years, a new town square, 12 acres of park and public space, a mix of work, retail and leisure space and up to 3,000 new homes, of which 35% will be affordable.
Crédit Agricole CIB together with NatWest successfully closed a 3-year £150m Term Green Loan Facility secured on Phase 1 of the Masterplan. Covering 585,000 sq. ft., Phase 1 comprises a mix of workspace, retail, leisure and residential space across three buildings, including the construction of 79 affordable homes.
The Masterplan is focused on delivering a net zero neighbourhood by 2030. It is targeting BREEAM Outstanding on the commercial space, BREEAM Excellent on retail and HQM One 4* for private residential buildings, enabling the loan and hedging to be designated as “Green”.
The Banks acted as Mandated Lead Arrangers, Green Loan Advisers, Lenders and Hedging Counterparties under the two-bank facility.
“Canada Water will provide a new exciting sustainable place to live and work and will completely change the face of South East London. Our thanks to our client for entrusting us with this Green Loan financing”
Arnaud Levacher, Executive Director, Real Estate & Hotel Group