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Brookfield secures £280m Santander-led development loan for new Amazon HQ

Brookfield Office Properties has agreed a £280m development loan for Principal Place to finance the construction of the 15-storey office block over 600,000 sq ft on the border of Liverpool Street and Shoreditch. Santander is the agent on the three-bank development club deal, with LBBW and Crédit Agricole Commercial Investment Bank all joint leads on the underwriting. Santander and LBBW will reportedly provide £105m each, while Crédit Agricole CIB is to provide a £70m commitment. Pricing on the development facility is understood to be sub 300 basis points over three-month LIBOR. The development funding, which could close before year end, secures the construction finance for the office block almost three years after the original development – under Hammerson's ownership – was aborted after City law firm CMS Cameron McKenna pulled its 200,000 sq ft pre-let citing current uncertainties in financial markets.

 

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