Canary Wharf Group (CWG) has finalised a £309m five-year refinancing deal for its Newfoundland building, a fully occupied BTR property managed by Vertus. The financing was provided by Société Générale, Citi and Qatari National Bank.

The Newfoundland is part of CWG's Build to Rent (BTR) portfolio launched in 2020, underscoring the robust demand for the group's residential properties. The Vertus development also includes 10 George Street and 8 Water Street, both of which are fully occupied. CWG's estate now houses over 3,500 residents across 2,200 built units, with an additional 1,650 units under construction.

The estate's amenities, including two new primary schools and expanded grocery and healthcare facilities, contribute to its appeal. The estate's location, offering direct access to a variety of retail and leisure brands, further enhances its attractiveness. Upcoming amenities include the UK’s fastest electric go-karts, Go Boat, open water swimming and an eight-court Padel tennis centre.

The estate's connectivity has been boosted by the launch of the Elizabeth line, providing rapid transit to central London. Other transport links include the Jubilee line, the DLR, and the Thames Clipper Service.

Savills Capital Advisors served as CWG's debt financing advisors for the transaction.

Becky Worthington, CFO, Canary Wharf Group, commented: “The growth of residential has proved to be a huge success for Canary Wharf Group, the level of interest, and speed of take-up for our residential products has been exceptional. Today Canary Wharf offers a vibrant mixed-use community offering an extraordinary environment to all those live, work and visit. The agreed financing deal is a testament to the market’s confidence in our products, the place and the opportunities ahead.”

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