Apollo lends London’s Canary Wharf $777 million in refinancing deal

LONDON (Reuters) – London’s Canary Wharf business district said on Tuesday it had agreed to borrow 610 million pounds ($777 million) from U.S. investment giant Apollo to repay bonds due over the next two years.

Landlord Canary Wharf Group (CWG) has faced challenging trading since the COVID-19 pandemic, with changing working patterns driving the departure of key office tenants including HSBC. It said the financing deal showed strong support from lenders for the district.

CWG said the loan was secured with clients and funds managed by Apollo against the majority of its 1.2 million square feet retail portfolio. After repaying the bonds due in April 2025 and 2026 with the proceeds, the landlord said it now had no further material refinancings until 2028.

($1 = 0.7850 pounds)

(This story has been refiled to add the word ‘million’ in the headline)