Cain International closes £390m loan for London mixed-use project

WCN Editorial Team 20 Apr 2018 EUROPE BUILDINGS

Cain International, a real estate investment firm, has closed a £390m development loan for its mixed-use project in Shoreditch, London.

The loan, co-ordinated by lead arranger Lloyds Bank Commercial Banking, includes £97.5m of financing from Investec and £97.5m from Harel. Lloyds Bank Commercial Banking also providing £97.5m of the debt.

The remainder of the loan amount is being provided by the London branch of Chinese lender Bank of Communications and Bank of East Asia.

The £750m development, dubbed The Stage, will feature over 400 new housing units, 33,000ft² of retail and leisure space including restaurants and cafés.

It will also include an Equinox health club and 186,000ft² of office space, which has been pre-let to WeWork. The scheme will feature more than an acre of vibrant public space including a performance area and a park.

Cain International serves as the lead investor in The Stage, which also includes McCourt Global, Galliard Homes, Vanke, Investec and The Estate Office Shoreditch.

Cain International CEO Jonathan Goldstein said: “The enthusiasm of international institutions to back this major development highlights not only the quality of its design and its success to date, but also its global significance as the site of one of Shakespeare’s earliest theatres.

“With elements of uncertainty in the UK market at the moment, it is encouraging to see continued confidence from domestic and overseas investors backing experienced sponsors on high-quality schemes in central London locations.”

Lloyds Bank global head of Commercial Real Estate Madeleine McDougall said: “The Stage will be a vibrant hub at the centre of Shoreditch, offering first-class residential, office and leisure space.

“The consortium has created a unique scheme that also sees the rebirth of the Curtain Theatre, further enhancing the area’s rich cultural offering. We look forward to working closely with the team as they bring their vision to life.”

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