CLS Holdings Announnces Finance Package for 'Shard'

The Tower, more popularly known as ‘the Shard’ is owned by Teighmore Ltd, a joint venture company equally owned by CLS Holdings Plc, Sellar Property Group and CN limited (for and on behalf of the Halabi Family Trust).

The £196 million facility has been provided by Nationwide Building Society and Kaupthing Singer & Friedlander it said in a statement. The fund will be used partly to buy the PwC occupational lease in place at the existing building known as the Southwark Towers.

According to a statement, “Teighmore has exercised its option with PwC who will now vacate the building before the end of 2007.” The funds are also to be used to pay off existing financing and to provide working capital for the current stage of the project.

Executive Chairman of CLS Holdings Plc, Sten Mortstedt said in a statement, “With this financing now in place we can secure vacant possession from PwC and move one step closer to delivering The Shard. We are delighted to have pre let close to 50 per cent of the commercial element of the scheme a remarkable achievement.”