Set to complete in 2017, Islington Square will be a 500,000 sq ft mixed-use shopping, leisure and residential destination which will regenerate the site of the former North London Mail Centre. Providing modern units for retailers, restaurateurs and leisure operators, as well as new homes, the development’s design will retain many of the key heritage features of the original site, designed around the concept of arcades, sympathetic to the local architecture.
Investec SPF has also taken a minority equity stake in the Islington Square project.
Jonathan Goldstein, Chief Executive of Cain Hoy, said:
“As we prepare to launch the residential element of the scheme, we are pleased to have secured this financing which recognises the rare nature and exceptional promise of this prime site at the heart of Islington.”
Giris Rabinovitch, CEO of Sager Group, said:
“This significant development financing from Lloyds Bank and Investec highlights their confidence in the area, the site and our plans for it. With its central location, excellent transport links and unique atmosphere centred on the exceptional range of leisure, shopping and food options along Upper Street, N1 is already a highly regarded destination; the arrival of Islington Square will only serve to make it even more popular.”
Graeme Alfille-Cook, Head of Developers in Lloyds Bank’s Commercial Real Estate team, said:
“We are pleased to be supporting Cain Hoy and Sager in this high-quality, large-scale mixed-use project which will enhance an already excellent location. Helping our clients transform unused real estate into vibrant spaces in which people can live, work and shop enables us to assist in creation of tangible economic value, jobs and community. This deal underlines our commitment to helping Britain prosper.”
Simon Brooks at Investec Structured Property Finance, said:
“Islington Square will create a first class destination for the borough and our investment in the scheme alongside the development debt package underlines our belief in its quality. We are delighted to be supporting Cain Hoy once again, and their partners Sager Group, with this exciting project. We look forward to working with Lloyds in this new partnership that represents our commitment to developing relationships with strategic partners so that we can continue to assist our clients with their financing needs.”
Letting agents for retail and leisure are Cushman & Wakefield, Orme Retail and Shelly Sandzer. Knight Frank, Savills and Beauchamp Estates are instructed on residential.