Investec has provided a loan of around £100m to fund Cain Hoy’s, MG Properties’ and Galliard Homes’ purchase of The Stage site in Shoreditch, E1.
The four-year loan reflects an LTV ratio of 50-55%. Investec will retain rather than syndicate the debt.
The site is being bought from the Bard family, as revealed in EG. Investec has also taken an equity stake in the deal.
The £750m scheme is due to complete in 2019 and will include 257,252 sq ft of offices, a 40-storey residential tower and a 14,000 sq ft exhibition centre for the remains of the Shakespearean Curtain Theatre, which is located on the site.
