Menu
Close
07/09/2021
07/09/2021
Cain International agrees £109 million development loan for green Southbank office with Barings and LBS Properties

London,
England, 7 th September 2021 Cain International, the privately
held investment firm led by Jonathan Goldstein, has agreed a 109
million development loan with Barings and LBS Properties for the
delivery of a 146 334 sq ft environmentally friendly office development
at 135 Park Street in London’s Southbank
Located
next to the Tate Modern and Shakespeare’s Globe, Barings and LBS Properties
have planning consent for the demolition of the existing buildings and subsequent
development of 146 334 sq ft of Grade A office space, arranged over 11 upper floors, as
well as ancillary retail The joint venture partners are highly focused on the ESG
credentials of the completed building and are targeting a minimum of BREEAM
‘ with aspirations to achieve “Net Zero Carbon”
The
forthcoming office development has been designed by world renowned
architects Squire Partners, with 90 of the floor space designated for traditional
office use The remaining space is to be used as affordable workspace Demolition
work is due to commence in Q 3 2021
“We
believe that offices which place an emphasis on sustainability like 135 Park Street
are extremely important and will play a critical role in the future success of leading
organisations and cities,” said Matteo Milan, Principal at Cain International We are
pleased to be working with such highly regarded sponsors to support the delivery of a
new standard of sustainable office space in London There is no doubt that the asset
class is integral for inclusion, diversity and innovation initiatives, as well as developing
and fostering both talent and corporate culture
Darren
Hutchinson, Head of UK Real Estate Transactions and Managing Director at
Barings, said ::“We acquired this development project having recognized the attractive
fundamentals of the local market, the lack of Grade A office space available and the
unique opportunity it offered to create a new breed of sustainable work space in a
sought after location This development loan from Cain will allow us to realize our
strategy and ambition for this site to its full potential and we look forward to working
with Cain and LBS in the months ahead
Nick
Crawford, Managing Director of LBS Properties Ltd, commented ::“We are
delighted to have secured financing from Cain International to support the delivery of
this best in class, highly sustainable office building of scale in one of London’s most
attractive submarkets The development will set the benchmark as a forward looking
office building, fit for a fast evolving market, with tenant experience our priority from
day one, a vision we feel the team at Cain shares completely
JLL
advised Barings and LBS Properties on the financing, led by Senior Director
Edward Daubeney and Director Andrew Hornblower, supported by Senior Analyst Bart
Smith and Analyst Tarun Mehta.

© LBS Properties     Made by Sectorlight