Metro Bank

Metro Bank provides its largest development finance loan

Metro Bank has provided a £30m development finance loan to Canary Wharf Group (CWG) for a new private members’ club.

This is the challenger bank’s largest development finance agreement since it started lending in the sector 18 months ago.

The 60,000 sq ft club is set to open in spring 2019 in Canary Wharf and will be the second private members’ club to open there.

It has been pre-let to the Quay Club – part of the Arts Club Group – and will be the group’s first arts club to open outside of Mayfair.

David Cooper, group treasurer at Canary Wharf Group, said: “It has been a pleasure to work with a banking pioneer to finance an exciting addition to Canary Wharf’s already vibrant night life. 

“We hope to work with Metro Bank on other future projects in our 11 million sq ft development pipeline.”

Mark Stokes, managing director of commercial banking at Metro Bank, added: “Our work with CWG is a real milestone for us. 

“Since we launched eight years ago, we’ve invested in enhancing and broadening out our products and services, meaning we’re in a prime position to support businesses wherever they are in their journey, be it start-ups or larger commercial organisations. 

“CWG is an extremely impressive and forward-thinking company that has the expertise and experience to consistently deliver on its projects. 

“What’s more, its considered approach to managing its estate means the group has been able to provide its occupiers and visitors alike with an exceptional experience. 

“We’re delighted to have supported the team and look forward to working closely with CWG as [it] continues to transform this part of London into one of Europe’s most thriving districts.”

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