King’s Cross Central Limited Partnership (KCCLP) has successfully completed a new, single loan facility of circa £1Bn 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, streamlining KCCLP’s finances.
The structure and flexibility of the loan underline the strength of the Estate as a sustainable investment and the quality of its ownership and management.
Robert Evans, CEO of the King’s Cross Estate and Joint Managing Partner of Argent said, “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.”
The refinancing deal comes at an important time for the King’s Cross Estate which is 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. The recent residential sales launches have proved the most successful in the history of the development. The loan was arranged and underwritten by Morgan Stanley Bank N.A. KCCLP was advised by Rothschild & Co.