London property developer secures £69m facility for King's Cross sustainable development

A London property developer has announced that it has secured a £69m loan facility to support a new residential development in the capital.

Argent has secured the loan facility on behalf of the King’s Cross Central Limited Partnership from HSBC UK and NatWest to support the development of a sustainable residential development in King’s Cross.

The funding will be used to deliver Cadence, the latest residential development at King’s Cross.

Cadence will offer 163 apartments, including 60 intermediate affordable rent apartments, managed by Pocket Living.

Michael Lightbound, CFO of Argent, commented: “From the outset, sustainability has been the foundation of King’s Cross.

“We were proud to receive the first Green Loan for a commercial development in 2018, and since then we have continued to deliver on our sustainable and environmental commitments.

“With our second Green Loan for Cadence we are delighted to be building on our long-term relationship with HSBC UK and NatWest.”

David Stephens, HSBC UK’s head of corporate real estate, London, said: “We are delighted to support King’s Cross with its second Green Loan facility. King’s Cross has an established and proven track record in developing sustainable buildings and this is core to the ongoing strategy for the estate.

“This funding demonstrates the continued demand for green financing and the focus on sustainability across the real estate sector.”

Rob King, HSBC UK’s head of sustainable finance, added: “This loan further cements Argent’s position as a leader in green property development in the UK. It’s great to be able to support our clients in placing sustainability at the heart of what they do.

“The funding demonstrates the Bank’s commitment and dedication to the green loan market, which we are determined to support and develop. The deal is part of our commitment to provide $100bn in sustainable financing and investment by 2025.”

NatWest real estate director Mark Pope added: “At NatWest, we have set out an ambition to play a leading role in helping to address the climate challenge and this deal, which is our first green loan in the residential sector, shows how we are supporting the move to a low carbon economy.

“This new development will deliver high quality, energy efficient and sustainable housing, with lower carbon emissions than a typical housing development. We are proud to continue supporting King’s Cross in achieving the vision of long-term regeneration of the neighbourhood.”

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