UK: Developer Canary Wharf Group (CWG) has secured £553 million of financing, including an £80 million loan for two serviced apartment projects along West Lane.
The two serviced apartment buildings are located at 3 and 15 West Lane.
Vertus, the BTR arm of CWG, added the two projects into its portfolio earlier this year. Designed by HTA Design, the buildings will provide 378 studio apartments available for short-to-medium stay.
3 and 15 West Lane are scheduled for completion in December 2024, opening doors for guest stays in January 2025.
Becky Worthington, CFO at CWG, said: “These loans are testament to the strength of our assets, the transformation that has been taking place at Canary Wharf and the support we have from our lenders for our long-term plan.
“With the opening of Middle Dock later this year, our exciting joint venture with the Eden Project, Canary Wharf will become an even more attractive environment to live and work,” she added.
The remaining financing will go towards developments on 15 and 20 Water Street, as well as extending the loan on 25 Churchill Place to July 2030.
The news follows Morgan Stanley recently extending its lease with CWG on its EMEA headquarters until 2038, while Barclays and Citi also recommitted to Canary Wharf.
