$1b loan secured ahead of Olympia London transformation

Deutsche Finance International and Yoo Capital have agreed to a £875 million (€1.01 billion/$1.12 billion) development loan facility with Goldman Sachs Merchant Banking Division, to partly finance the development to transform Olympia London into a world-leading cultural destination. Following the loan agreement and with the addition of equity backing already in place from German institutional investors Bayerische Versorgungskammer (BVK) and Versicherungskammer Bayern Group (VKB), the £1.3 billion (€1.5 billion/$1.67 billion) Olympia regeneration project is now fully funded.

With the main construction contract expected to be awarded imminently, initial construction work on the Olympia project, which is designed by Heatherwick Studio and SPPARC architects, is due to begin this quarter. The masterplan will see the full redevelopment of the 14-acre site, including the existing exhibition halls, with 1.3 million square feet of additional commercial space being created. Aimed