“We are pleased to partner with Oaktree and Quadrant in supporting the asset as it enters its stabilisation phase, ensuring that it is exceptionally well positioned for the future”
– Anna Bulach – Cheyne Capital
Cheyne Capital has completed a £171m senior loan for Oaktree Capital Management to support the lease-up of an office development in Canary Wharf.
YY London represents a 14-floor, net-zero carbon office development that features roof gardens, terraces and restaurants. The joint venture between Oaktree and Quadrant acquired the property in 2019 before completing an extensive refurbishment in 2023.
The office space has achieved 33% occupancy, with fintech company Revolut currently occupying four floors under a 10-year lease agreement. The refinancing comes as the building enters its stabilisation phase following the comprehensive redevelopment works.
“We are pleased to have provided the refinancing of YY London, reflecting our strong conviction that Canary Wharf is undergoing a successful reinvention,” explained Anna Bulach, executive director at Cheyne Capital’s real estate group. “With substantial investments in retail, leisure and residential developments, alongside the transformative impact of the Elizabeth Line, we believe Canary Wharf is poised for a strong resurgence. We are pleased to partner with Oaktree and Quadrant in supporting the asset as it enters its stabilisation phase, ensuring that it is exceptionally well positioned for the future.”
The transaction provides financial stability for the continued lease-up of the building while supporting Oaktree’s longer-term investment strategy for the asset. Canary Wharf has seen renewed interest from investors as the district diversifies beyond traditional financial services tenants.
“Oaktree is delighted to have partnered with Cheyne Capital in the successful refinance of YY London, located in the heart of Canary Wharf,” noted Todd Liker, managing director and co-portfolio manager at Oaktree’s real estate opportunities strategy. “This transaction reinforces the long-term stability of our investment’s capital structure and allows us to continue focusing on delivering a best-in-class workspace experience for our existing and future tenants.”
The development reflects broader trends toward sustainable office space, with its net-zero carbon credentials positioning it competitively in a market where environmental performance increasingly influences tenant decisions.
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