Cain Hoy provides €560m financing for massive London deal

UK private investment company Cain Hoy has provided £390 mln (€560 mln) financing for Almacantar's acquisition of two properties at a major redevelopment project on London's South Bank.

The financing equates to a 71% loan-to-value in relation to the £550 mln price paid by London developer-investor Almacantar for the properties which form part of the €1.7 bn project centred around the 27-storey Shell Tower. This week Almacantar completed the acquisition and Two Southbank Place, London Waterloo, from Braeburn Estates, a joint venture between Canary Wharf Group and Qatari Diar.

Cain Hoy, which is also based in London, was the single lender. Jonathan Goldstein, Cain Hoy’s head of European investments, said: 'This was the largest property deal ever completed on London’s South Bank and one of the largest bilateral, non-syndicated arrangements since the credit crash, certainly by a non-bank. The transaction reflects our appetite to support major transactions and our flexible approach focused on meeting individual requirements.'

See also, Almacantar buys on London's South Bank for €789m