Press Release
08 May 2007
McGrigors advises Bank of Scotland on £119 million loan facility for regeneration of Silvertown Quays, Royal Victoria Docks, London
UK law firm McGrigors LLP is advising the Bank of Scotland Corporate, part of HBOS plc on a £119 million loan facility for the regeneration of Silvertown Quays in the Royal Victoria Docks area of East London. The loan facility will finance the development of Silvertown Quays which is one of Europe’s largest regeneration projects providing new homes, offices, workspace, retail, leisure, entertainment and community facilities.
The £1.5 billion transformation of the 24 hectares (59 acres) of former docklands constitutes a significant part of the overall regeneration of the Thames Gateway London initiative being promoted by the UK Government to revitalise this important area of the country.
One of the planning gains secured by the London Borough of Newham, the Mayor of London Ken Livingstone and the London Development Agency is the construction of an international standard aquarium as part of the development. The 14,500 sq.m building will be the world's first aquatic visitor attraction to be based entirely on the principles of conservation.
Jon Leggett and Colin McKay are leading the McGrigors team made up of Simon Collins, Susan Johnson, Powan Ho, Fiona McGregor, Simon Cooper and Robert Soares.
Colin McKay, Head of Real Estate Finance at McGrigors, said: “This one of the largest developments to be granted planning consent in the Thames Gateway area and we are delighted to be involved in the development of East London at such a key time. It is an exciting project especially because of the stipulations which have had to be met and the number of stakeholders to consider throughout the planning stages. The scheme will bring much needed investment to this area of London and no doubt the aquarium will be a significant part of the attraction.”
For further information please contact:
Louisa Hollins
Financial Dynamics
Telephone - +44 (0) 20 7269 7108
Email - Louisa.hollins@fd.com
Andy Peat
Financial Dynamics
Telephone - +44 (0) 20 7269 7185
Email - andy.peat@fd.com