King’s Cross Central Limited Partnership has completed a single loan facility of circa £1 billion which is secured by a number of investment assets at the King’s Cross Estate.
The loan term is up to 5 years and secured on attractive terms providing funding certainty and consolidating a number of existing loans.
Robert Evans, CEO of the King’s Cross Estate and Joint Managing Partner of Argent commented: “It is clearly significant that King’s Cross can secure a loan of this calibre in a challenging market. It represents a powerful endorsement of King’s Cross as a highly desirable place, a resilient asset and leading destination.”
King’s Cross Estate is now entering the final stages of development with the last office and residential buildings all under construction. The King’s Cross Estate achieved carbon neutrality in 2021 and remains 100% commercially let to major occupiers including Meta, Google, AstraZeneca, Havas, Universal Music and The Office Group.
According to King’s Cross Central Limited Partnership, the recent residential sales launches have proved the most successful in the history of the development. The developer is currently selling off plan homes in Cadence and Capella.
The loan was arranged and underwritten by Morgan Stanley Bank N.A., a national bank subsidiary of Morgan Stanley. King’s Cross Central Limited Partnership was advised by Rothschild & Co.