Broadgate, a joint venture between British Land and GIC, has completed a £450m 5-year Green Loan with two banks, secured on 1 Broadgate. This follows practical completion of the development in July, where the offices are 96% pre-let to A&O Shearman and JLL.

1 Broadgate offers some of the highest quality, sustainable mixed-use space in London, with 545,000 sq ft of best-in-class workspace and roof terraces, and prime retail and leisure space. It is one of the most operationally energy efficient offices British Land has ever built, located within Broadgate, our vibrant office-led campus in the heart of the City of London, with excellent connectivity, next to Liverpool Street Station and the Elizabeth Line.

This financing, at current attractive market spreads, further diversifies sources of finance and, following distribution of the proceeds, reduces British Land’s Group Net Debt to EBITDA by c. 0.6x.

David Walker, Chief Financial Officer at British Land, said: “We are delighted to have successfully arranged this £450m loan on our newest, best-in-class office building. This transaction underscores the confidence of our banking partners in this asset and the campus, and Broadgate’s continued appeal as the place to be in London for ambitious, forward-thinking businesses. The financing further enhances our flexibility to continue delivering space that meets the evolving needs of our customers, into a heavily supply constrained market where rents are growing strongly.”