Canadian asset manager agrees to provide equity commitment if landlord cannot pay off bonds
Brookfield has agreed to provide a £900mn backstop for Canary Wharf’s debts, as the docklands landlord seeks bondholders’ approval for its plans to refinance upcoming maturities with new loans secured against its retail portfolio. Canary Wharf Group , which owns and manages a large part of the east London financial district, has asked bondholders for approval to allow it to raise new debt secured against its retail portfolio, according to a statement on Friday.
Property values have fallen sharply over the past two years, hit by higher interest rates and fears about office demand given hybrid working. CWG’s loan-to-value ratio rose above its 50 per cent target to 55 per cent at the end of June — up from 52 per cent at the end of last year. CWG is looking to raise debt from banks against its vast underground shopping centres to repay two of its three bonds when they fall due in 2025 and 2026. Moody’s said it expected the new debt to be up to £610mn.
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