Wells Fargo writes fresh £120m loan for King’s Cross

Wells Fargo has provided a £120m five-year investment loan to King’s Cross Central Limited Partnership on the developer's One and Two Pancras Square office buildings. The facility converts a £72m, five-year development loan originally made in 2012 by Eurohypo, before it was taken over by Wells Fargo. The first loan was a rare example at the time of speculative development finance, with an initial margin of 450bps and around 50% loan-to-cost.