Cain writes £86m development loan for Fetter Lane scheme

We have advised Cain International ('Cain') on a £86m development loan for the development of 100 Fetter Lane.

The 95,000 sq ft London office project, known as Edenica, a reference to the outdoor spaces which form part of the scheme, was bought by BauMont in January 2021 with development partner, YardNine.

The building received planning consent in September 2021 for the delivery of a new 12-storey development, with over 8,000 sq ft of roof gardens, and a new pedestrian route and garden square at ground level.

The project is targeting the highest environmental standards of BREEAM Outstanding, WiredScore, SmartScore and WELL certifications.

Construction work has commenced on site and the scheme is due for completion in Summer 2024.

In March we advised Cain on its £550 million acquisition of a portfolio of UK logistics assets from privately owned real estate investor and developer, Firethorn Trust.

Commenting on the transaction, banking and finance partner Jonathan Marks said: "We are pleased to have advised Cain on this development loan which will enable the delivery of a highly sustainable and innovative workplace in Central London. We very much look forward to seeing this impressive project once it's completed in 2024."

Tanja Yerolemou-Ennsgraber, senior vice president – real estate finance at Cain International, said: “The project embraces the needs and desires of the future occupier, being mindful about their experience and bringing it to the fore. We would like to thank the fantastic Taylor Wessing team for providing invaluable support and commercially focused advice throughout."

The team was led by partners Jonathan Marks, Emma Oakley and Matthew Jones with support from associates Christopher Monk, Holly Grundon, Louise Andrew and Stephanie O'Hare.