Developer secures £400m loan for King’s Cross eco-buildings

UK property developer Argent has secured a £400m loan facility to support the development of two new environmentally-conscious office buildings at King’s Cross.

This financing, provided by Wells Fargo, HSBC UK and Helaba, represents the first loan provided for an office development in the UK that meets the Green Loan Principles.

Drawn up by the EMEA and Asia Pacific Loan Market Associations in March 2018, the scheme requires the recipient project to be one that reduces emissions or the use of scarce natural resources or energy usage.

The 68,085 m2 development will meet a number of internationally recognised energy efficiency standards.

Built on a brownfield site, the buildings will include 4,300 m2 of restorative green roof space that combines biodiverse wildflowers and ornamental grasses to form a green corridor for local wildlife.

Argent chief financial officer Michael Lightbound said of the plans: “At King’s Cross we have delivered more BREEAM Outstanding office buildings than any other developer globally.

“We are delighted that the King’s Cross project, which has been at the forefront of sustainability over the last 15 years, has now secured the UK’s first ‘Green Loan Principles’ loan for the development of an office building.”

David Stephens, HSBC UK’s head of corporate real estate in London, added: “This loan establishes Argent as the first amongst its peers in the field of green commercial property development in the UK.

“Our clients are telling us sustainability is important to them; we can now support them with our dedicated Green Loan proposition.”

Once complete, the new complex will become home to Facebook’s new UK headquarters.

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