Cain International and Starwood Capital have loaned Canary Wharf Group £535m to build the third phase of Wood Wharf, E14.
Cain, which was co-founded by Todd Boehly and Jonathan Goldstein, two members of the consortium that owns Chelsea FC, has teamed up with the private equity firm to back the £1.1bn expansion of Canary Wharf. The remainder of the money is being put up by CWG.
The third phase of the development is a 1,308-home build-to-rent scheme, split across three towers and two buildings. Alongside the BTR flats, the scheme will also deliver some 26,300 sq ft of shops, bars and restaurants.
Graham Keable, managing director of real estate debt at Cain International, said Canary Wharf was a “proven location for BTR schemes”, with premium rental values, growing occupancy levels and substantial investment appetite despite market headwinds.
Harvey Sandhu, vice president of real estate debt at Starwood Capital, said the financing built on its strategy of supporting best-in-class sponsors in sectors with strong market fundamentals, while Canary Wharf Group’s chief financial officer, Becky Worthington, said the funding was “testament to the success” of its residential offering at Canary Wharf.
Once all phases are complete, Wood Wharf will have 3,600 flats, a new school, a doctors’ surgery and nine acres of public spaces.
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