15 Sep 2021
W.RE secures circa £90m million loan
W.RE has closed a £90m loan facility from Investec Bank Plc and syndicate lenders for St Pancras Campus.
W.RE has secured £90 million of debt finance, arranged by Investec Bank plc with an international club of lenders, for the redevelopment of a 1.2-acre freehold site in Camden, inside the Kings Cross Knowledge Quarter. The project received committee approval from Camden Council last year, with full planning approval obtained in March 2021. Construction has since commenced.
The site currently contains twelve light industrial units known as the St Pancras Commercial Centre and is made up of an entire, rectangular city block bounded by Pratt St to the south, St Pancras Way to the east, Georgiana St to the north and Royal College St to the west.
The new loan facility will enable W.RE to undertake the redevelopment of the property to deliver a campus consisting of three new buildings totalling over 250,000 sq. ft. “St. Pancras Campus” as the project is called, will include office, light industrial and retail space along with thirty-three new homes, nineteen of which are designated as affordable housing. The commercial elements are expected to appeal to the technology, media, and life science sectors, with fifty per cent of the offices already pre-let. The scheme will also benefit from a new public open space at the centre of the development.
Andrew Haines, COO of W.RE said:
“St. Pancras Campus is W. RE’s largest project to date and we are delighted to have closed this flexible loan facility with Investec, one of our key relationship lenders. It was a pleasure to work with Jane and Hollie again and we look forward to delivering this landmark scheme in one London’s most sought-after districts.”
Jane Niles, Head of Real Estate Offshore at Investec Bank (Channel Islands) Ltd, said:
“We’re delighted to have worked with W.RE again, this time on its landmark scheme in Kings Cross, an area that is an increasingly important London destination. The team at W.RE are professional and efficient and it’s always exciting to work with them to bring their projects to life. We would like to thank our club lenders in assisting in the delivery of this transaction and W.RE in choosing to work with Investec again.”