ICBC contributes to a £240 million GBP syndicated loan for the development of The Atlas Building

Project narrative

In November 2015, a syndicate of five banks — including the Industrial and Commercial Bank of China (ICBC) — entered into a £240 million GBP (€339 million EUR) syndicated loan facility agreement with Rocket Investments (now known as Rocket Properties) to finance the development of the Atlas Building, a mixed-use development located on City Road, London EC1. The £240 million GBP loan facility included a senior debt tranche provided by ICBC, Lloyds Bank Commercial Banking, and Bank of East Asia (BEA) and a mezzanine financing tranche Highbridge Principal Strategies (UK) LLP and Urban Exposure. The Atlas Building was located 200 meters from the Old Street roundabout in London. The 40-story 152 meter tall residential building included 302 apartments, the tallest building in the Tech City area. Additionally, there was an office building with 82,000 square feet (7,600 square meters) of office space and 9,000 square feet (836 meters) of retail space for shops, cafes, and restaurants. It also featured a public piazza between the residential tower and office building that would serve a pedestrian access link between City Road and East Road. The project architects were Make Architects and Design Delivery Unit. Manufacturers included Focchi, Otis, Cheshire Wellness, Deba, Ergonorm, Rainsford. WSP was the structural engineer. Barton Willmore was responsible for the landscape. CBDSP was the services engineer. Arcadis was the project manager. Construction began in July 2015. The originally expected completion date was by the end of 2018. Construction was ultimately completed in July 2019. The Atlas Building opened its doors to residents in September 2019.