Wednesday, 3 June 2015
Cain Hoy leads consortium to develop €1 bln mixed-use scheme at The Stage, Shoreditch (UK)
Cain Hoy Enterprises, LLC, has led a consortium of investors including Galliard Homes and MG Properties, the real estate investment and development arm of McCourt Global, in a partnership with the Bard family’s Plough Yard Developments Ltd to create a new mixed-use development in London’s Shoreditch.
The site is in a prime location next to what will be Amazon’s new European headquarters, and sits less than five minutes’ walk from Liverpool Street and Shoreditch High Street stations. The project, known as The Stage, incorporates the remains of Shakespeare’s 16th century Curtain Theatre. The deal will see Plough Yard Developments Ltd retain the freehold while granting a new 250-year lease to the consortium to develop the 2.3-acre site, which has consent for a £750 mln (approx. €1 bln) GDV mixed-use scheme including a 40-storey residential tower and over 23,226 m² of office, retail and leisure accommodation.
The remains of the theatre will also be excavated and preserved as part of the development, providing a new tourist attraction for domestic and international visitors. Working alongside the consortium, Plough Yard Developments Ltd will keep a stake in this internationally important heritage visitor center.
Investec Structured Property Finance provided a debt and equity funding package for the deal. King & Wood Mallesons acted for the Cain Hoy-led consortium, and Berwin Leighton Paisner acted for Plough Yard Developments Ltd.
Jonathan Goldstein, Cain Hoy’s Head of European Investments, said: “This is an historic site at the heart of one of Central London’s most vibrant areas. Shoreditch, home to the capital’s internationally famous ‘Tech City’, is an exciting residential, commercial and investment destination. We are pleased to be working on this deal with our partners Galliard Homes – with whom we already have a joint venture arrangement platform – and MG Properties. Alongside other investments such as Islington Square and Millharbour, this deal further highlights our ability to act decisively to deploy significant capital.”