Finance
Canary Wharf Clinches Vital £610 Million Refinancing From Apollo
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Funds managed by Apollo Global Management Inc. have agreed to provide a £610 million ($778 million) loan to Canary Wharf Group, enabling the owner of most of the east London financial district to repay upcoming bond maturities.
The five-year loan, secured against the group’s bustling portfolio of mostly underground stores, will be used to pay off Canary Wharf Group’s bonds that mature in April 2025 and 2026, according to a statement. The 1.2 million square feet of interconnected malls are about 97% occupied, with retailers eager for space that serves the estate’s affluent working and residential population. Detailed terms were not disclosed.