Cain International secures €448m loan for The Stage

Coordinated by lead arranger Lloyds Bank, which is also providing £97.5 mln of the debt, the loan includes £97.5 mln of funding from Investec and £97.5 mln from Harel. The remainder is being provided by Bank of East Asia and the London branch of Chinese lender Bank of Communications.

'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 of 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.'

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, The Stage will include more than 400 new homes, 33,000 ft2 of retail and leisure space including restaurants and cafés, an Equinox health club and 186,000 ft2 of office space, which has been pre-let to WeWork. Over an acre of public space will feature 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.

'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,' said Madeleine McDougall, global head of commercial real estate at Lloyds Bank.