Cain International and its joint venture partners behind The Stage mixed-use development in London’s Shoreditch have secured a £124m refinancing of the scheme’s commercial components from Mizuho Bank.
Cain, McCourt Partners, Galliard Homes, Vanke and Investec have developed 211,000 sq ft of Grade A office space and 42,000 sq ft of retail space at the scheme, which is located on the site of Shakespeare’s historic Curtain Theatre. Mizuho EMEA has agreed a deal to refinance the commercial elements for a term of four years.
Earlier this year, Cain and its partners agreed a £188m refinancing with Macquarie Capital for the residential component of The Stage: a 37-storey residential building comprising 412 apartments.
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 at Mizuho EMEA, added: “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.
“This transaction is another example of our capabilities in providing complex structured finance solutions across the UK and EMEA, with a ‘make it happen’ and relationship-focused approach. We are proud to collaborate with Cain International, its partners, and JLL on this exceptional project and appreciate the support provided to achieve such a successful execution.”
Claudio Sgobba, senior director in JLL’s debt and structured finance team, which advised Cain on the transaction, said: “This transaction highlights what Cain has achieved at The Stage, one of London’s most appealing mixed-use destinations. We are pleased to have advised on this significant refinancing deal and appreciate the support and collaboration of the Mizuho Bank team in making this financing a success.”
