Cheyne Capital funds London office refurbishment

Cheyne Capital is extending a senior development loan of €142 million to support the overhaul of 1 Poultry, a 21,368-square-metre Grade II* listed office tower located in the City of London. The financing underwrites the next stage of the redevelopment for IGIS Asset Management, the leading real-estate firm in South Korea.

Ben Cross and Basil Demeroutis are jointly heading the development team, overseeing asset management and project development, while JLL provides financial advisory services. The City of London Corporation granted approval in March 2026 for the initiative, which seeks to update and reduce the carbon footprint of the historic building, preserving its architectural heritage.

Refurbishment Plans

The renovation targets an 80% decrease in operational energy consumption and aims for EPC A and BREEAM Outstanding certifications. Hamish Gordon, Director of Cheyne Capital’s Real Estate Group, expressed confidence in the potential of premium, strategically located offices in the City of London, noting the limited availability of new developments.

Gordon further emphasized that the growing preference for quality is fueling tenant demand for contemporary, eco-friendly spaces, presenting opportunities for well-executed renovation projects. The 1 Poultry initiative marks the inaugural practical use of the Commercial Retrofit Innovation Map, a collaboration between UKGBC, Breakthrough Energy, and FORE Partnership.

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Innovative Retrofit Solutions

This building will function as a practical testing ground for cutting-edge, low-carbon renovation techniques. Given the widespread need for decarbonization in thousands of historic commercial buildings across Europe, the fully funded and institutionally supported renovation of 1 Poultry provides a unique, replicable model for property owners.

Basil Demeroutis, Managing Partner at FORE Partnership, said, “1 Poultry is about creating the kind of product we believe the market increasingly demands – distinctive, highly sustainable and built for long-term performance.” Demeroutis also stated that working closely with design and supply-chain partners has shown that ambitious decarbonisation can sit alongside architectural quality and commercial performance.

Cheyne Capital diversifies its investments across various financial instruments, from senior debt to equity, with real estate constituting approximately half of its €13.9 billion in assets under management. FORE Partnership has completed transactions exceeding 139,355 square meters in office, mixed-use, and residential properties, boasting a team with a three-decade track record of approximately €5.9 billion in transactions.