Eurohypo finances £1bn Hyde Park scheme

The refinancing of the luxury Knightsbridge apartments, being developed in a joint venture between Christian Candy’s CPC Group and Waterknights - owned by HE Sheik Hamad bin Jassim bin Jabr Al-Thani, enables the owners to take out equity from the scheme and press on with the development.

£1bn refinancing package

The £1bn refinancing package closed this month and enables the development of 80 super-luxury apartments and three retail units totalling 385,000 sq ft on the former Bowater House site in Knightsbridge.

Bank of Scotland had been part of the original financing consortium but with the refinancing package from Eurohypo Bank of Scotland has exited the project.

Completes 2010

The project has started on site and is expected to complete in 2010.

Richard Williams, chief operating officer, CPC Group said: ‘We worked closely with Eurohypo to create a tailor made finance solution that will enable this project to reach completion. Eurohypo advised us on all aspects of the financial arrangements.’

Dan Smith, vice president – Origination Eurohypo said: ‘One Hyde Park is already anticipated as a global Benchmark for quality in residential development. We worked hard to create an optimal funding structure to ensure that it can realise its vision.

De-risked

'The tight timeline and sheer scale of the project played to our detailed understanding of local market and market leading capabilities. The project has progressed ahead of expectation and significantly de-risked since underwriting in February.

We have recently concluded the successful syndication of a substantial element of the facility to HSH Nordbank London branch and Landesbank Hessen-Thüringen Girozentrale, London branch as co-arranger and sub-underwriter.’