Cain International
London, 22 July 2024: Cain International (‘Cain’), the privately held investment firm, alongside McCourt Partners, Galliard Homes, Vanke, and Investec, has secured a £124 million refinancing for the commercial components of The Stage, a landmark mixed-use development in the heart of Shoreditch, entirely from the balance sheet of Mizuho Bank.
Situated on the site of Shakespeare’s historic Curtain Theatre, Cain and its partners have developed 211,000 sq. ft. of best-in-class office space across two buildings, plus 42,000 sq. ft. of retail, around an acre of public open space. Mizuho EMEA, an integral part of the Japan-based Mizuho Financial Group, Inc., one of the largest financial institutions in the world, has agreed a deal to refinance the commercial elements for a term of four years.
Earlier this year, Cain and its partners agreed a £188 million refinancing with Macquarie Capital for the residential component of The Stage, which consists of a 37-storey residential building comprising 412 apartments, a luxury sky terrace and a state-of-the-art underground amusement arcade, while also benefitting from a vibrant array of lifestyle amenities in one of London’s most attractive neighbourhoods.
Last year, Cain announced the appointment of world-renowned creative studio, Bompas and Parr to deliver the Museum of Shakespeare, which will sit at the centre of the development, in collaboration with Museum of London Archaeology (MOLA) and Historic England.
JLL’s Debt and Structured Finance team advised Cain on the transaction.
Ben Tooley, Managing Director at Cain International, said: “This major refinancing deal follows significant commercial momentum at The Stage, reinforcing our belief in the resilience and attractiveness of well-positioned, mixed-use developments in dynamic urban centres. We look forward to continuing to work with our partners as we deliver a truly exceptional destination where Shoreditch meets the city.”
Andrea Patti, Head of Real Estate Finance, Mizuho EMEA, said: “The Stage is a compelling product, featuring a rich history, modern amenities, and a premium location in the beating heart of the city, aligning with our commitment to financing in high-quality projects. The long-term commitment to the site by one of the most desirable occupiers in the market further underscores the resilience and appeal of such developments. This transaction is another example of our capabilities in providing complex structured finance solutions across the UK and EMEA, with a “make it happen” and relationship-focused approach. We are proud to collaborate with Cain International, its partners, and JLL on this exceptional project and appreciate the support provided to achieve such a successful execution.”
Claudio Sgobba, Senior Director at JLL Debt and Structured Finance said: “This transaction highlights what Cain has achieved at The Stage, one of London’s most appealing mixed-use destinations. We are pleased to have advised on this significant refinancing deal and appreciate the support and collaboration of the Mizuho Bank team in making this financing a success.”
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