Cain secures €150m office and retail financing in Shoreditch

Situated on the site of Shakespeare's Curtain Theatre, Cain and its partners have developed 211,000 ft2 (19,600 m2) of office space across two buildings, plus 42,000 ft2 of retail, around an acre of public open space.

Mizuho EMEA, a part of the Japan-based Mizuho Financial Group, 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 mln 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 underground amusement arcade as well as futher amenities.

Last year, Cain announced the appointment of 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.

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.'

JLL's Debt and Structured Finance team advised Cain on the transaction.