Delancey secures €233m loan for London innovation campus

Delancey Real Estate has secured a loan of around £200 mln (€233 mln) from L&G Asset Management. 

Here East

This funding will be used to refinance Here East, a 111,484 m2 creative and innovation campus located on London's former Olympic site.
The refinancing, managed by CBRE, highlights Here East's reputation as a prominent hub for creative and entrepreneurial minds. Over the past decade, Here East has generated more than 10,300 jobs and contributed £700 mln (€815 mln) to the UK economy in 2021 alone.
A significant recent development at the campus was the opening of the V&A East Storehouse, offering public access to a vast collection of artifacts and archives. Here East is also home to a diverse range of tenants, including innovation consultancies like Plexal, educational institutions such as University College London and Loughborough University London, and various businesses like Sports Interactive and Ford Mobility, among many others.
Richard Spooner, director of Debt Strategies at Delancey, said: “Following competitive interest from lenders, we are delighted to have partnered with L&G and our advisers at CBRE to refinance Here East, reaffirming its position as one of Europe's leading creative and innovation campuses. Here East continues to attract world-leading brands and institutions, with over 92,903 m2 let and the recent opening of V&A East Storehouse, the campus continues to evolve and deliver on the legacy of the 2012 Olympics.”
James Spencer Jones, head of Real Estate Debt - UK & Europe, L&G Asset Management, commented: “The site is a standout example of the dynamic, innovation-led real estate we aim to back - assets that drive economic growth, regeneration, and value for communities and investors alike.”
John Hardie, senior director Debt and Structured Finance, CBRE added: “The campus has proven it can attract tenants from early-stage startups to global organisations, and it is a blueprint for embedding cultural infrastructure into regeneration and mixed-use development. We look forward to seeing Here East enter its next phase of growth.”