Real estate group Heron wins a £115m loan facility for City flats
REAL estate group Heron International has secured a £115m loan facility to finance the construction of The Heron, its residential development near the Barbican.
The company said the financing is being provided by Santander, HSBC and Investec, and is the first facility for any significant speculative residential build since the credit crisis.
The property giant also said more than 40 per cent of the 284 apartments in the 36-storey tower have now been sold, around 30 of them in the last fortnight, despite an expected completion date of 2013.
Work started on the site last week, after Sir Robert McAlpine was awarded the construction contract worth around £150m. American investment firm AREA Partners has bought a 40 per cent stake in the development.