China Vanke has been confirmed as a new joint venture partner for the Cain Hoy-led consortium developing the £750m mixed-use Stage project in Shoreditch, E1.
China’s largest housebuilder has bought a 21% stake in the company, which acquired the long leasehold interest in the 2.3 acre site from the Bard family earlier this year.
It is the company’s first UK deal.
The consortium also includes MG Properties, Galliard Homes and Investec Structured Property Finance.
The consented Stage scheme incorporates the remains of Shakespeare’s 16th century Curtain Theatre where Romeo and Juliet was first performed.
It has consent for a 40-storey residential tower and 250,000 sq ft of office, retail and leisure accommodation set around a new public square.
Jonathan Goldstein, chief executive of Cain Hoy, said: “We are pleased to welcome Vanke to the project. As China’s largest property company, China Vanka brings with it not only a significant financial investment but also additional expertise, and international knowledge and contacts.”
Lily Lin, UK managing director at Vanke, added: “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, multi-faceted and high-quality development of cultural and historic importance, which is a fitting debut for Vanke in the UK market.”
GM Real Estate acted for the Cain Hoy-led venture; Vanke was unrepresented.
