Homes England and major bank back Canary Wharf scheme with £180m loan

Neil Elliott, assistant director of structured real estate finance at Homes England, said: “As the government’s housing and regeneration agency, our aim is to help public and private sector partners to unlock strategic housing sites across England and we are committed to helping developers of all sizes to achieve their ambitions.

“The Cuba Street development is a demonstration of a long-term commitment from Ballymore, to transform a former industrial site into new, high-quality homes.”

This funding comes after Homes England said last week it has started to see ambitious bids come through in the first weeks of the Social and Affordable Homes Programme opening, with a number of housing associations “really raising their game”.

Robert Mulryan, group corporate finance & investment director at Ballymore Group, said: “Barclays and Homes England have been long-term partners of Ballymore, and we are proud to be working with them again on this outstanding project.

“Cuba Street builds on Ballymore’s substantial contribution to high-quality housing delivery and the regeneration of the Isle of Dogs over the past 30 years.”

Pavel Streblov, UK managing director and board member at Penta Real Estate, said: “This funding milestone is a further key step forward for our joint venture, particularly given the high calibre of the debt providers.

“The financing underscores the desirability of this project and a reflection of our commitment to delivering the highest quality homes in London.”

Graham Chilver, director for real estate at Barclays UK Corporate Bank, said: “We are proud to support Ballymore and Penta Real Estate on the delivery of this landmark scheme.

“Cuba Street will bring high-quality private and affordable homes to one of London’s most dynamic areas, alongside new public spaces that will benefit the wider community. This financing demonstrates our continued commitment to backing high-impact developments that enhance the capital’s housing supply.”

Earlier this year, ForHousing completed a £215m refinancing exercise with NatWest and Barclays which it said will help boost investment in existing homes and new home delivery.