London, England, 17 April 2018 – Cain International, the diversified real estate investment company, has secured a £390 million development loan for The Stage, its £750 million mixed-use project in London’s Shoreditch.
Coordinated by lead arranger Lloyds Bank Commercial Banking, which is also providing £97.5 million of the debt, the loan includes £97.5 million of funding from Investec and £97.5 million from Harel. The remainder is being provided by Bank of East Asia and the London branch of Chinese lender Bank of Communications.
The loan will replace an original financing provided by Investec when the site was acquired, while also funding ongoing construction activity until the project’s completion in around three years’ time.
Set around the excavated and preserved remains of Shakespeare’s Curtain Theatre, which will be the heart of an international visitor centre, The Stage will feature more than 400 new homes, 33,000 sq ft of retail and leisure space including restaurants and cafés, an Equinox health club and 186,000 sq ft of office space, which has been pre-let to WeWork. Residents and tourists will also benefit from over an acre of vibrant public space including a performance area and a park.
Cain International is leading the consortium of investors in The Stage which includes McCourt Global, Galliard Homes, Vanke, Investec and The Estate Office Shoreditch.
Jonathan Goldstein, Chief Executive of Cain International, 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.”
Madeleine McDougall, Global Head of Commercial Real Estate, Lloyds Bank, added:
“We’re proud to have coordinated and backed a significant funding agreement, which will transform this historic location into an iconic new development. 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.”
Arrif Ali, Principal at Cain International, also added: “We highly value our lending relationships and look forward to working together to complete this development.”