Macquarie Capital has provided £188m (€218.4m) of refinancing for a UK mixed-use project being developed by a consortium comprising Cain International, McCourt Partners, Galliard Homes, Vanke and Investec.
Cain said the consortium secured the capital for the residential component of The Stage located in Shoreditch in the East End of London. The 37-storey residential tower comprises 412 apartments, a luxury sky terrace and an underground amusement arcade.
Alexi Antolovich, global co-head of real estate at Macquarie Capital Principal Finance, said: “We are pleased to have worked alongside Cain and the wider investment consortium to provide a tailored financing solution for this high-quality residential development.”
Jonathan Goldstein, CEO of Cain International, said: “This new agreement with Macquarie Capital is a strong endorsement of the quality and unique appeal of The Stage’s residential offer, as well as the ongoing resilience of premium residential developments that are well-located in popular urban centres.
“While the past few years have brought about significant changes in how we occupy and value different types of real estate, the appetite of leading global investors for dynamic investment opportunities has remained strong and we look forward to continuing our strategy for The Stage with Macquarie Capital.”
Claudio Sgobba, senior director of JLL debt and structured finance division and part of the team that advised Cain on the transaction, said: “We are pleased to have advised the Cain-led sponsorship in navigating a complex refinancing and grateful to Baptiste Boye-Møller, Alexi Antolovich, and Sam Harvey of Macquarie Capital Principal Finance for their financing support”.
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