Cain International

£390m development loan provided for Shoreditch scheme

Real estate investment company Cain International has secured a £390m development loan for the Stage (pictured above), its £750m mixed-use project in Shoreditch, London.

Coordinated by lead arranger Lloyds Bank Commercial Banking – which is also providing £97.5m of the debt – the loan includes £97.5m of funding from Investec and £97.5m from Harel.

The remaining funding 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 package provided by Investec when the site was acquired, while also funding the construction activity until the project’s completion in around three years’ time.

The Stage will be set around the remains of Shakespeare’s Curtain Theatre – which will act as the heart of an international visitors’ centre – and feature more than 400 new homes and 33,000 sq ft of retail and leisure space, including restaurants and cafes.

Over 180,000 sq ft of office space will also be constructed, which has been pre-let to WeWork.

“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,” said Jonathan Goldstein, chief executive at Cain International.

“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 at Lloyds Bank, said it was proud to have coordinated and backed a significant funding agreement which will transform a historic location.

“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.”

Picture attributed to Cain International

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