Freeman News - LONDON (AFX) - September 30, 2003
Canary Wharf Group PLC said it has entered into a finance lease transaction on 1 Churchill Place to accelerate the refinancing of the building, with a unit of Barclays Bank PLC. The transaction is expected to generate approximately 299 mln stg in additional liquidity for the group, which will be used for general corporate purposes.
The gross amount of the financing is 753.5 mln stg cash, of which 743.5 mln was received today and 10 mln payable on practical completion. On completion and the expiry of the 5 month rent free period, an occupational lease rent of 41 stg per sq ft will be payable by Barclays Bank.
The property is presently under construction and scheduled for a June 2004 completion. The bank was initially expected to occupy 60,385 sq m (650,000 sq ft), with options on the remaining space.
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Wednesday, October 01, 2003
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