Cheyne Capital has completed a £171m senior loan to funds managed by Oaktree Capital Management to support the lease-up of an office development in Canary Wharf, London.
The property, known as YY London, offers 415,000 square feet of office space across 14 floors.
Oaktree and Quadrant acquired the building in 2019 and finished an extensive refurbishment in 2023.
YY London is an all-electric, Net Zero Carbon office with BREEAM “Outstanding”, Well “Platinum” and energy performance certificate (EPC) “A” ratings.
The space is already 33% let, with fintech company Revolut occupying four floors on a 10-year lease.
The building features floor-to-ceiling heights up to six metres, a triple height reception, roof gardens, terraces, and amenities including a café and restaurants.
Anna Bulach, executive director in Cheyne Capital’s real estate group, said: “We are pleased to have provided the refinancing of YY London, reflecting our strong conviction that Canary Wharf is undergoing a successful reinvention.
“With substantial investments in retail, leisure and residential developments, alongside the transformative impact of the Elizabeth Line, we believe Canary Wharf is poised for a strong resurgence.
“We are pleased to partner with Oaktree and Quadrant in supporting the asset as it enters its stabilisation phase, ensuring that it is exceptionally well positioned for the future.”
Todd Liker, managing director and co-portfolio manager for Oaktree’s real estate opportunities strategy, said: “Oaktree is delighted to have partnered with Cheyne Capital in the successful refinance of YY London, located in the heart of Canary Wharf.
“This transaction reinforces the long-term stability of our investment’s capital structure and allows us to continue focusing on delivering a best-in-class workspace experience for our existing and future tenants.”
