JTC Group has provided structuring and financial administration services in relation to a £320m development financing deal in London, bucking the recent trend for doom and gloom in the real estate market post the so-called Brexit vote.
JTC’s client, City Pride Limited, invests in prime London real estate and the specific project relates to the Landmark Pinnacle, which is arguably the tallest consented residential tower in Europe (with associated Island Point site). JTC worked closely on the deal with law firm Taylor Wessing, who acted for City Pride on the Facility Agreement.
The Landmark Pinnacle is a 75 storey residential tower which sits on the Isle of Dogs and will comprise a combination of 914 serviced and residential apartments reaching up to level 74 of the building. There will also be private amenity space for residents on levels 27 and 56, and a spectacular rooftop terrace at level 75.
Sarah Clark, Group Director at JTC, said: “The prime London real estate market has been in the news for the wrong reasons following the Brexit vote, but this transaction is evidence that the fundamentals for the right assets remain strong and there are still good deals to be done. We are delighted to have supported our client, City Pride, in achieving this result at a time of market volatility and look forward to supporting them throughout the next phases of the project.”
The JTC team also included Senior Director Tim Knight and Associate Director Carlo Martinengo, all of JTC’s Institutional Client Services division.
The Taylor Wessing team was led by Real Estate partner Paul Lawrence and was supported by partners Martin Yells and David Quinlan, senior associates Jane Hilton, Owen Spencer and Nada Jarnaz, and associate Andrew Wood.