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LONDON-Heron International and its equity partners have landed a US $713-million construction loan for a 41-story, 462,000-sf office building in the heart of London. The tower will anchor Heron Plaza, a US $1.92-billion development that will get under way at 110 Bishopsgate later this year and open to the public a couple of years later.

Heron International says the total development cost for the tower itself is about US $963.5 million. The tower construction loan is being provided by Eurohypo AG, and Landesbank Hessen-Thringen (known as Helaba). A representative of Heron did not respond to requests for additional detail regarding the financing or how the remainder of the development would be financed.

Heron is putting up one third of the equity required for the development. The remaining two thirds is being provided by Oman State General Reserve Fund and Strategic Real Estate Advisors (known as Stratreal).

In addition to the tower, the development will incorporate new public spaces and a network of squares and gardens. Construction of tower is expected to begin in June. The tower is scheduled to be completed by 2010. The design architect is Kohn Pedersen Fox.

Heron Plaza is replacing a concrete mid-rise built in the 1960s. Heron International was granted planning permission for the project in 2002. In January 2006, it received permission to increase the height of the building from 37 stories to 41 stories.

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