Cheyne Capital provides £171m loan for Canary Wharf office development
By Tara SammonsCheyne Capital has completed a £171m senior loan for Oaktree Capital Management, LP to support the lease-up of an office development in Canary Wharf.
Section: Case Studies
YY London is a 14-floor, net-zero carbon office development featuring roof gardens, terraces and restaurants.
The property was acquired in 2019 by a JV between Oaktree and Quadrant, who completed an extensive refurbishment in 2023.
The office space is already 33% let, with Revolut currently occupying four floors on a 10-year lease.
Anna Bulach, executive director at Cheyne Capital’s Real Estate Group, commented: “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 at 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.”
Keywords: Cheyne Capital, YY London office, Canary Wharf development, Oaktree Capital Management, Quadrant JV, £171m senior loan, net zero carbon building, Elizabeth Line impact, Anna Bulach Cheyne, Revolut tenancy, commercial real estate finance, London office market