A&O advises on financing of British Land’s first net zero carbon development
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Allen & Overy has advised the joint mandated lead arrangers and green loan advisers, Crédit Agricole Corporate and Investment Bank and DBS Bank Ltd., London Branch on the GBP420 million five year green loan financing of British Land’s recently completed net zero carbon office development at 100 Liverpool Street in the City of London.
100 Liverpool Street has been described as a technical and logistical masterpiece, becoming British Land’s first net zero carbon development and winning The City of London ‘Building of the Year’ Award 2021 from The Worshipful Company of Chartered Architects. The development emphasised British Land’s commitment to re-use first, retaining 50% of the original structure and enabling faster and more cost efficient completion.
A&O banking partner, Oleg Khomenko commented: “We are honoured to have had the opportunity to work with the lenders and British Land on the financing of this wonderful building. The market reception of the development and strong lender interest in the financing are a testament to the ever increasing focus of the UK and European real estate markets on minimising carbon emissions and sustainable finance.”
The A&O team was led by Oleg Khomenko and real estate partner Emma Willoughby with support from senior associates Leanne Sheen (banking) and Jonathan Wolinsky (real estate), associate Emin Moskofian (banking) and trainee Adam Harwood (banking). Partner Parya Badie, senior associate Rob Simmons and associate Mara Pintilie-Westley advised the hedge counterparties.