Privately held investment firm Cain International has agreed an £86 mln (€100 mln) development loan with BauMont Real Estate Capital and YardNine for the development of a sustainable office property in central London.
The 95,000 ft2 (8,825 m2) scheme at 100 Fetter Lane will be known as Edenica.
The asset was acquired by BauMont in January 2021 with development partner, YardNine, and is located in City mid-town, in close proximity to Farringdon.
The asset received planning consent in September 2021 for the delivery of a new 12-storey development, with over 8,000 m2 of roof gardens, a new pedestrian route and garden square at ground level, plus 230 cycle spaces.
It has been named Edenica for its extensive outdoor spaces which form part of the scheme and adjoin it. The project is targeting BREEAM Outstanding, WiredScore, SmartScore and WELL certifications.
Specifications include voluminous office space with clear heights of over 3 metres, openable windows to enable mixed-mode ventilation, extensive planted terraces to encourage biodiversity and provide significant external breakout spaces.
The high-performance 100% electric building has been designed with the Waterman Group to ensure the building uses as little energy as possible and achieves Net Zero carbon emissions in use.
Construction work has commenced on site and the scheme is due for completion in summer 2024.
Tanja Yerolemou-Ennsgraber, senior vice president – real estate finance at Cain International, said: 'We are excited to partner with an experienced sponsor and developer duo, joining their journey to deliver a best-in class office scheme.
'The project embraces the needs and desires of the future occupier, being mindful about their experience and bringing it to the fore. BauMont and YardNine have successfully unlocked a fantastic development opportunity and we are pleased to bring our construction financing expertise to the table and see Edenica unfold.'
Damien Pasini, director at BauMont Real Estate Capital said: 'Following the receipt of planning permission last year, securing development financing is another significant milestone for 100 Fetter Lane. We look forward to working with Cain and YardNine to deliver a highly sustainable and innovative workplace in one of Central London’s most vibrant submarkets.'
BauMont was advised by BCLP and Cain International by Taylor Wessing, Savills and CBRE.