R&F secures funding for One Nine Elms

[caption id="attachment_1141067" align="alignright" width="300"] One Nine Elms. Photo from R&F[/caption] R&F Properties has said it will complete its £1bn One Nine Elms scheme next year, after securing finance. The £770m-plus package for One Nine Elms, SW8, will provide the funding necessary to complete the scheme, where work stalled earlier this year after contractor Multiplex complained of late payments. Précis Capital Partners has originated the loan and arranged a consortium of lenders with development finance expertise, including funds managed by Apollo Global Management, Carlyle’s global credit platform, Crosstree Real Estate Partners and Précis Capital Partners itself. The landmark development on the south bank of the Thames – comprising the 57-storey City Tower and the 42-storey River Tower – will include 334 homes. River Tower will add a 203-bedroom, five-star Park Hyatt hotel – the first in London – and 103 Park Hyatt-branded luxury apartments. The project also includes 57 affordable housing units forward sold to Thames Valley Housing. The shell and core of both buildings are largely completed, with fit-out work to be carried out. The funding will allow the lead contractor Multiplex to continue progress on site, with completion for the project set for November 2023. R&F bought the site in 2017 from Chinese firm Wanda. Li Sze Lim, chairman of Guangzhou R&F Properties, said: “The new financing package secured for One Nine Elms under the current financing market backdrop is testament to the quality of the development and R&F Properties’ ability to deliver these two world-class buildings into the strong London residential and hotel market. The newly established relationship with a world-leading consortium of experienced financiers is also reflective of their confidence in the execution team to deliver the project to completion.” He added: “R&F is firmly committed to our investments in the United Kingdom.” Ben Eppley, partner and head of commercial real estate lending in Europe at Apollo, said: “One Nine Elms represented a compelling opportunity to work with a strong, experienced developer in R&F as part of a sophisticated lender consortium. When One Nine Elms is delivered, it will be a new landmark property in a vital area of London.” R&F said it was also making “strong progress” at the adjacent Thames City through its development partnership with CC Land. The first residents will move into one of its landmark towers in July. To send feedback, e-mail piers.wehner@eg.co.uk or tweet @PiersWehner or @EGPropertyNews