China’s largest property company, Vanke, has joined Cain Hoy Enterprises, LLC (‘Cain Hoy’) and its partners, MG Properties, Galliard Homes and Investec Structured Property Finance, in their development, The Stage, in London’s Shoreditch.
The deal is Vanke’s first European investment, where they will take a subscription of 21% of The Stage.
The project is located less than five minutes’ walk from Liverpool Street and Shoreditch High Street stations and incorporates the remains of Shakespeare’s 16th century Curtain Theatre, where Romeo and Juliet was first performed. The 2.3 acre site has consent for an approx. €1 bn (£750 m) 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.
Jonathan Goldstein, chief executive of Cain Hoy, said: “The Stage combines an internationally important heritage site with a high quality residential, office and retail scheme in an exceptional central London location. We are pleased to welcome Vanke to the project, who, as China’s largest property company, bring with them not only a significant financial investment but also additional expertise, and international knowledge and contacts.”
Lily Lin, UK managing director at Vanke, said: “We are very pleased to be joining Cain Hoy and this high-calibre group of joint venture partners through our investment in The Stage. Located in a very exciting part of London, this is a unique, multifaceted and high-quality development of cultural and historic importance, which is a fitting debut for Vanke in the UK market.”
Source: Cain Hoy Enterprises
