Ghelamco Group has obtained £175m financing for the acquisition and development of 225 City Road, London, EC1, a freehold development site where it is planning a mixed-use scheme led by 150,000 sq ft (c14,000 sq m) of offices.
Ghelamco, advised by JLL’s debt placement team, has optained a senior loan from Goldman Sachs while Tikehau Capital is providing a mezzanine facility.
In addition to the office space, 225 City Road will include 100 residential apartments and about 7,500 sq ft (696 sq m) of retail space.
The 0.9 acre (0.36 ha) site is in Shoreditch, an area which is home to the third largest cluster of tech and web companies in the world including some of the sector’s largest brands. The area also serves as an incubator for startups in fintech, media, technology, fashion, music and art.
JLL senior director, debt and structured finance, EMEA, Claudio Sgobba said the transaction, “is one the first ground-up development financings launched and completed during the Covid-19 pandemic and is indicative of the underlying strength of the central London market, appetite and availability of capital for the right sponsors and assets.”