Metro Bank, the revolution in British banking, has announced that it has provided Canary Wharf Group (CWG) with a £30 million development finance loan. The funds will be used to construct a brand-new private members club in the heart of Canary Wharf.
Set to open in spring 2019, the 60,000 sq ft site has been pre-let to The Quay Club, part of The Arts Club Group. It will be the first Arts Club to open outside of Mayfair and the second private members club to open on the Canary Wharf Estate.
David Cooper, Group Treasurer at Canary Wharf Group commented: “It has been a pleasure to work with a banking pioneer to finance an exciting addition to Canary Wharf’s already vibrant night life. We hope to work with Metro Bank on other future projects in our 11m sq ft development pipeline”
The deal is the bank’s largest development finance agreement since it started development lending 18 months ago and demonstrates its capacity and appetite to support larger and more complex organisations.
Mark Stokes, Managing Director Commercial Banking at Metro Bank added: “Our work with CWG is a real milestone for us. Since we launched eight years ago, we’ve invested in enhancing and broadening out our products and services, meaning we’re in a prime position to support businesses wherever they are in their journey, be it start-ups or larger commercial organisations.
“CWG is an extremely impressive and forward-thinking company that has the expertise and experience to consistently deliver on its projects. What’s more, its considered approach to managing its estate means the Group has been able to provide its occupiers and visitors alike with an exceptional experience. We’re delighted to have supported the team and look forward to working closely with CWG as they continue to transform this part of London into one of Europe’s most thriving districts.”
The bank’s Real Estate Finance team support developers and investors active in the UK real estate sector. Each opportunity is reviewed on its individual merit, with the expert team working alongside specialist credit partners and in-house surveyors to provide solutions that complement customers’ business plans. Over the past year, the team has supported a number of high profile clients with financing solutions. As of the end of March, the bank has a loan book of £11 billion, with loans to commercial customers representing 32% of total lending.
