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Developer and asset manager Frasers Property UK has secured a £100M five-year green loan from Mizuho Bank and Oversea-Chinese Banking Corporation Limited to fund the development of The Rowe in Whitechapel, east London.
The revolving credit facility will fund the redevelopment of Aldgate Bauhaus to add an additional six stories to the building.
Designed by architect AHMM, the Aldgate Bauhaus is undergoing a retrofit to transform its interior from a former educational institution to a modern office, retaining its 1960s facade and frame.
The redevelopment will include a new glass, steel and concrete six-story extension that will double its space.
The new building will establish an increased total footprint of 162K SF of modern workspace and more than 17K SF of outdoor terraces, including a communal roof garden that will be open all year round.
The building was the former home to London Metropolitan University’s School of Art, Architecture and Design. When complete it will welcome a public café and retail space to activate the ground floor, as well as a rooftop café/bar exclusively for occupiers and their guests. The building is planned to complete in Q3 2022, and this month celebrates its topping out.
According to Frasers Property, the developer is committed to achieving net-zero carbon by 2050 and to be climate resilient by establishing mitigation and adaptation plans by the end of this year.
In the UK, the business is targeting net-zero carbon across operational areas of control by 2030, to certify 80% of its portfolio with green building certifications by 2024 and to finance most of its portfolio with green and sustainable financing.
“As everyone knows, the way our customers want to occupy office space is changing," Fraser Property UK Chief Financial Officer Martin Ratchford said. "The period of intensely occupied floorplates, poor technology and unsustainable design principles is thankfully drawing to a close.
“Developing The Rowe is an important step for FPUK in achieving our goal to be net-zero by 2050, and our ability to raise this £100M sustainability linked loan is key to being able to finance our portfolio with green and sustainable financing.”
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