Green King’s Cross development receives £69m boost
A new sustainable development in the heart of King’s Cross has received a boost with a £69m green loan facility from HSBC and Natwest.
Property developer Argent secured the loan to complete the Cadence project, which will offer 163 flats, including 60 “intermediate affordable” rent apartments.
The deal follows a similar £400m green loan for King’s Cross in 2018 which was the first of its kind in the UK used to deliver a commercial development.
HSBC UK’s head of corporate real estate David Stephens said: “We are delighted to support King’s Cross with its second green loan facility.
“King’s Cross has an established and proven track record in developing sustainable buildings and this is core to the ongoing strategy for the estate.
“This funding demonstrates the continued demand for green financing and the focus on sustainability across the real estate sector.”
All the flats will have low carbon heating, hot water and cooling from the King’s Cross District Energy Networks, to reduce carbon emissions by 28 per cent when compared to a typical home.
Argent finance chief Michael Lightbound said: “From the outset, sustainability has been the foundation of King’s Cross.
“We were proud to receive the first Green Loan for a commercial development in 2018, and since then we have continued to deliver on our sustainable and environmental commitments.
“With our second Green Loan for Cadence we are delighted to be building on our long-term relationship with HSBC UK and Natwest.”