CPC gets £1bn injection for Hyde Park project

EUROHYPO has provided around £1bn of development finance for Project Grande (Guernsey) Ltd's iconic residential development at One, Hyde Park in Knightsbridge, London. PGGL is a joint venture between Guernsey-based property developer CPC Group and Waterknights, the investment vehicle owned by Sheikh Hamad bin Jassim bin Jabr al-Thani.

The development tranche will enable PGGL to complete its development of 80 luxury apartments and three retail units, comprising a total of 385,000sq. ft, to be built on the former Bowater House site and linked to the neighbouring Mandarin Oriental Hotel. Construction has already started and the project is expected to be completed in 2010.

CPC chief operating officer Richard Williams said PGGL had worked closely with Eurohypo, Europe's largest commercial real-estate bank, to create a tailor-made finance solution that would allow the project to reach completion.

'Eurohypo advised us on all aspects of the financial arrangements and we really value the team's expertise and continued professional support.

'They acted incredibly quickly in order to deliver the financing. Now we can complete the best residential scheme in London and arguably the world.'

Vice president of Origination Eurohypo Dan Smith said the bank had worked hard to create an optimal funding structure.

'One, Hyde Park is already anticipated as a global benchmark for quality in residential development.

'The tight timeline and sheer scale of the project played to our market leading capabilities.'

CPC has added a number of high-profile London sites to its growing UK and international portfolio in the past six months, including Chelsea Barracks and Cromwell House.