Property group secures £390m to transform Shoreditch 'Stage' site

A property firm redeveloping a Shoreditch site where Shakespeare’s Henry V was first performed, on Wednesday revealed it has secured a £390 million loan for the luxury flats project.

Developer Cain International said the funding will be used to finish construction on 400 homes as well as shops restaurants, offices and an Equinox gym.

The £750 million redevelopment called The Stage will incorporate the remains of the 16th century Curtain Theatre.

It will be complete by 2021 and there will also be a park.

The funds have come from Lloyds Bank Commercial Banking, Investec, Israeli lender Harel, Bank of East Asia and the London branch of China’s Bank of Communications.

Cain International’s boss Jonathan Goldstein said: “With elements of uncertainty in the UK market at the moment, it is encouraging to see continued confidence from domestic and overseas investors backing experienced sponsors on high-quality schemes in central London locations.”

His firm is leading a consortium of investors in The Stage, including Galliard Homes and others.