Exclusive: King’s Cross development strikes £126m green finance deal with HSBC
Property developer Argent has secured a £126m loan facility on behalf of the King’s Cross Central Limited Partnership (KCCLP) from HSBC UK and Helaba to support the development of a mixed-use scheme combining commercial and residential space, the company has told Morning Wire
The funding will be used to deliver an office and professional community space at King’s Cross, which will be designed and operated in a partnership with The Office Group.
The new workspace will comprise 170,000 sq ft of space, which will mainly be used by small businesses and startups.
King’s Cross offices
The new building, located between Handyside Street and York Way, is one of the final commercial buildings of scale to be delivered at King’s Cross. It is currently under construction and set to complete in 2024.
The loan is the third of this type for King’s Cross supported by HSBC following a £400m loan for the development of Facebook’s UK headquarters in 2018 and a further £69m for the Cadence residential scheme in 2020.
“Sustainability is hugely important to us at King’s Cross, not only in the physical construction of our buildings, but in the financing of that construction. This is a major investment for King’s Cross,” said Michael Lightbound, Partner of Argent.
The 67-acre King’s Cross estate is owned by the King’s Cross Central Limited Partnership), made up of pension fund AustralianSuper, clients of the international business of Federated Hermes and Argent investors. AustralianSuper owns a 67.5 per cent stake in KCCLP.