Funds managed by Apollo Global Management Inc. have agreed to provide a £610 million ($778 million) loan to Canary Wharf Group, enabling the owner of most of the east London financial district to repay upcoming bond maturities.

London's Canary Wharf business district said on Tuesday it would borrow 610 million pounds ($777 million) from U.S. investment giant Apollo to repay bonds due over the next two years.

Canary Wharf Group has secured a £610m loan with US private capital firm Apollo, the east London landlord confirmed on Tuesday.

Apollo Global Management has completed a £610M loan to Canary Wharf Group, with the proceeds to be used to repay CWG’s bonds, due for repayment in April 2025 and April 2026, reducing debt pressure on the company. The whole loan has been secured in tranches against the majority of CWG’s 1.2M SF retail portfolio, which is 97% occupied.

London's Canary Wharf district will borrow 610 million pounds ($777 million) from U.S. investment giant Apollo to repay bonds due over the next two years, raising its funding costs but removing near-term refinancing risks.

London's Canary Wharf business district said on Tuesday it had agreed to borrow 610 million pounds ($777 million) from U.S. investment giant Apollo to repay bonds due over the next two years. Landlord Canary Wharf Group (CWG) has faced challenging trading since the COVID-19 pandemic,