BLP acts for King’s Cross Central on over £750m of financings in 18 months
International law firm Berwin Leighton Paisner (BLP) has advised King’s Cross Central Limited Partnership (KCCLP) led by Argent (as the development/asset manager for the King’s Cross Central estate) in excess of £750m of facilities secured against the King’s Cross Central estate. The latest facility, a development loan from Helaba Landesbank Hessen-Thüringen completed in May 2016 and will be used to fund, amongst others, the development of Google’s new 180,000 sq ft office in the northern phase of the King’s Cross scheme.
All of the deals, which completed during the last 18 months, involved securing development, investment and revolving credit facilities from a number of different lenders including Barclays, Helaba Landesbank Hessen-Thüringen, HSBC, Royal Bank of Scotland, Santander and Wells Fargo, on both an individual and club basis.
Each facility is secured by different plots at the critically acclaimed 67 acre site and are used to fund the 8 million sq ft mixed-use development, including:
- New office accommodation let to a number of high profile tenants, including Google, New Look, Universal Music, Havas and Louis Vuitton;
- Nearly 2,000 new homes including the remarkable Gasholder Triplets scheme – a collection of distinctive canal side apartments, built within a refurbished triplet of Grade II-listed, cast-iron gasholder guide frames at the heart of King’s Cross;
- Restaurants, including a new Jamie Oliver pub and restaurant within the Victorian Fish and Coal buildings, Caravan, Dishoom and German Gymnasium;
- Retail, including the unique new Coal Drops Yard shopping quarter; and
- A new multi-screen Everyman cinema.
Payam Yoseflavi commented: “The fact that KCCLP has managed to secure such a broad range of facilities, is a testament to the market leading work of KCCLP and Argent in creating this world-class mixed-used development. Working on this unique site, across its various asset classes, brings about a multitude of challenges that constantly require our team to provide creative, innovative and diverse solutions. This allows the client to complete transactions which work not only for them but for the various stakeholders at the site. Our ability to work collaboratively and flexibly with all parties to achieve a common objective has allowed us to work with such a marquee client on this iconic and unique development.”
Chris Parker, Senior Project Director for Funding at Argent added: “Positive progress continues across the King’s Cross Estate underpinned by our majority shareholder; Australian Super Annuation Fund, and with continued support from our working partners. As a trusted adviser, BLP have played a core role in enabling us to maintain momentum and deliver our business plan towards building King’s Cross reputation as a key London destination.”
Real Estate Finance Associate Payam Yoseflavi led the BLP team advising KCCLP on each of the financings, assisted by Benedict West and Ben Renshaw. Real Estate Partners Chris Rowe and Liana Hewson worked on the real estate arrangements, assisted by Jennifer Hurdle, Mateen Khan and Samuel Harding.