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Cain International

From Wikipedia, the free encyclopedia
Real estate investment company
Cain International
FormerlyCain Hoy Enterprises
Company typePrivate
IndustryReal estate
Founded2014; 11 years ago (2014)
Area served
Worldwide
Key people
Jonathan Goldstein (CEO and cofounder)
Todd Boehly (founder)
AUM 16ドル billion (2023)[1]
Parent Eldridge Industries
Websitecainint.com

Cain International (formerly Cain Hoy Enterprises) is a privately held real estate investment firm headquartered in London.[2] [3]

History

[edit ]

Early history and founding

[edit ]

Cain International was co-founded by Jonathan Goldstein and Todd Boehly in 2014,[4] with minority backing from Guggenheim Partners.[5] [6] The company's early investments were a number of mixed-use developments in the United Kingdom before expanding to hotels, restaurant, housing and entertainment developments.[7] [8]

The firm was in talks to buy Tottenham Hotspur F.C. in 2014,[9] but later pulled out of negotiations.[10] [11] Cain's CEO Goldstein later became a director of Chelsea F.C. in 2022.[12]

Cain Hoy entered a joint venture with Galliard Homes in 2015 to develop high rise apartments in Canary Wharf.[13] [14]

In 2014, Cain Hoy Enterprises loaned 167ドル million to SBE Entertainment Group as part of the company's recapitalization.[15] As part of the deal, three principals from Cain Hoy joined SBE's board of directors.[16] They later stepped down from the board in December 2014.[15] In 2016, Cain Hoy acquired a 25% stake in SBE Entertainment as part of a joint venture to acquire Morgans Hotel Group.[17] It exited this investment in 2018 when it sold this stake to Accor.[18]

International expansion and rebranding

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By 2016, the firm had invested over 1ドル.4 billion in real estate development,[19] and had begun to expand into the United States and Europe.[20] Cain Hoy was renamed Cain International in 2017.[21] In 2019, the company opened an office in Los Angeles and Miami.[7]

In 2018, the company purchased a 345ドル million stake in The Beverly Hilton and Waldorf-Astoria Beverly Hills as part of a joint venture with Israeli hotelier Beny Alagem.[22] In 2021, the partnership received approval from the city council to begin construction on One Beverly Hills,[23] a mixed-use development spanning 17.5 acres that includes the Beverly Hilton, the Waldorf Astoria, and a planned Aman Hotel, Residences & Club.[24] As of January 2024, site preparation was underway for the construction of the development.[25] In February 2024, the groundbreaking of the site was celebrated with officials from the City of Beverly Hills.[26]

Since 2018, Cain International has developed a number of skyscrapers in Miami, including the Una Residences, Missoni Baia and 830 Brickell Tower, one of the tallest buildings in Miami.[27] [28] Cain also contributed 284ドル.5 million towards the 1ドル billion renovation of the Crown Building in Manhattan.[29]

In April 2021, Cain International and OKO Group, a Miami-based real estate development firm, received a loan from Bank OZK to a construct the Missoni Baia tower in South Brickell, Miami.[30] [31] The Missoni Baia tower was topped off in June 2021.[32] Cain International and OKO Group also entered a joint venture to build One River, a highrise apartment in Fort Lauderdale.[33]

In December 2020, the company acquired restaurant chain Prezzo.[34] It also invested in the Raffles Boston Back Bay Hotel & Residences,[35] which was topped-out in March 2022.[36] The company has also invested in mini golf chain Swingers, and led a 52ドル million investment round in 2023.[37] [38]

Cain International raised 324ドル million for its first European real estate fund, with backing from Goldman Sachs and Security Benefit Life Insurance Company. The fund closed in May 2021.[39] Cain International acquired a commercial site in Dublin, alongside Kennedy Wilson, in December 2018. Development of the site began in 2019 and is due for completion in two phases by 2023 and 2024.[40]

The company provided a 117ドル million loan to Lendlease in November 2021 to finance the construction of The Reed, a development project in the Chicago Loop.[41] [42]

In 2023, Cain completed a 500ドル million funding deal with Menora Mivtachim Group to develop five student housing developments in Leeds, York, Liverpool, Nottingham and Manchester.[43]

The company purchased Firethorn Trust's UK logistics portfolio for 550ドル million in March 2022.[44] [45] In April 2022, Blackstone Inc provided Cain International with 420ドル million in financing to develop the portfolio acquired in 2021.[46] Development was finalized in December 2023, with the completion of Sherburn42.[47] Firethorn and Cain later partnered to develop a 17-acre property in Southall.[48]

In May 2022, the company agreed to loan 261ドル.5 million to Shinfield Studios for the construction of a 1 million sq. ft. production facility. Once completed, the facility will be one of the largest film and television production studios in the United Kingdom.[49] The company has also developed Islington Square, in London.[50]

In 2022, the company and the Public Investment Fund of Saudi Arabia invested 900ドル million into Aman Group, to support the hospitality group's international expansion. The investment brought the group's valuation to 3ドル billion.[51]

In 2023, Cain announced plans to renovate the Delano South Beach hotel in Miami, which its parent Eldridge had acquired in 2020,[52] through a partnership with Ennismore which saw Cain acquire a minority stake in the Delano brand.[53] Cain is one of the developers of The Stage, Shoreditch. Cain also appointed Bompas & Parr to develop a 19,000 sq. ft. Museum of Shakespeare at The Stage in collaboration with Museum of London Archaeology and Historic England.[54] The museum is expected to open in early 2024.[55] In January 2024, Cain received a 188ドル million refinancing for The Stage from Macquarie Capital.[56]

The company purchased ten construction loans from PacWest Bancorp, including 500ドル million of loans for the construction of student housing and multifamily residential developments in New York, in June 2023. This brought the amount of debt originated by the company to over 8ドル billion.[57] That year, it also extended a 58ドル million credit facility to Tungsten Properties.[58]

In November 2023, Cain extended a 240ドル million loan to Related Companies and Alta Developers for the construction of Casa Bella Residences, an apartment tower by B&B Italia.[1] It also provided 47ドル.3 million in funding to real estate firms Sumaida, Khurana and Bizzi, & Bilgili for the construction of The Fifth Miami Beach, an office tower in the South of Fifth neighbourhood designed by architect Alberto Campo Baeza.[59]

References

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  1. ^ a b "Related Group, Alta Developers". SFBJ.
  2. ^ Tan, Gillian (12 June 2019). "Cain, Backed by Dodgers Owner, Eyes 500ドル Million for Debut Fund". Bloomberg News . Retrieved 2022年02月06日.
  3. ^ Tan, Gillian (March 1, 2021). "Cain International Weighs Raising 250ドル Million for First SPAC". Bloomberg. Retrieved 2022年02月06日.
  4. ^ Karmin, Craig (2015年08月25日). "Henry Silverman Creates New Property Investment Firm". Wall Street Journal . ISSN 0099-9660 . Retrieved 2022年02月06日.
  5. ^ Blirtz, Roger (25 September 2014). "Cain Hoy opts against Tottenham Hotspur bid". Financial Times . Retrieved 2022年02月06日.
  6. ^ Fitzgerald, Thomas. "Cain Hoy and Sager lead 400ドルm Islington Square development". City A.M.
  7. ^ a b Philips, Mike. "From Bidding For Tottenham To Buying Beverly Hills: Cain International Breaks Into America". Bisnow .
  8. ^ Fu, Emily (2022年05月09日). "Cain International Lands 207ドルM Loan for the Hudson Hotel in NYC". Commercial Observer. Retrieved 2022年07月29日.
  9. ^ Law, Matt (12 September 2014). "Tottenham Hotspur takeover: The key players". The Telegraph . Retrieved 2022年02月08日.
  10. ^ Gibson, Owen (12 September 2014). "US investment group reveals interest in Tottenham". The Irish Times . Retrieved 2022年02月08日.
  11. ^ "Cain Hoy withdraws interest in Tottenham". ESPN.com. 2014年09月25日. Retrieved 2022年02月08日.
  12. ^ Debono, Matt (2022年03月12日). "Revealed: Jonathan Goldstein Part of Boehly-Wyss Consortium to Buy Chelsea". si.com. Archived from the original on 2022年04月11日.
  13. ^ "Block of flats worth 140ドル million sells out in five hours". The Independent . 2015年07月14日. Retrieved 2022年02月08日.
  14. ^ "London waterfront to take on new look with Italian backing". The Times . ISSN 0140-0460 . Retrieved 2022年02月08日.
  15. ^ a b "Sam Nazarian back in charge at SBE; Cain Hoy investors step down". Los Angeles Times. 2015年04月03日. Retrieved 2022年02月08日.
  16. ^ "Investors remain loyal to L.A. nightclub owner Nazarian". Los Angeles Times . 2014年12月18日. Retrieved 2022年02月08日.
  17. ^ Karmin, Craig (2016年12月01日). "SBE Entertainment Concludes Morgans Hotel Acquisition". Wall Street Journal . ISSN 0099-9660 . Retrieved 2022年02月08日.
  18. ^ "AccorHotels to buy SBE Entertainment stake for US319ドルM; ANF OKs Icade merger". www.spglobal.com. Retrieved 2023年01月30日.
  19. ^ Martin, Will. "A property investor just signed one of the deals of the decade in Mayfair". Business Insider. Retrieved 2022年02月06日.
  20. ^ "Cain's Eric Poretsky Talks New Opportunities in the Post-COVID Market". Commercial Observer. 2020年10月30日. Retrieved 2022年03月18日.
  21. ^ Rolt, Amber (March 7, 2017). "Cain Hoy rebrands to reflect global outlook". Radius Data Exchange.
  22. ^ "Cain International buys stake in Beverly Hills, Calif., hotel complex". S&P Global . Retrieved 2022年02月11日.
  23. ^ "Beny Alagem's One Beverly Hills Gets Approved". The Real Deal . 2021年06月14日. Retrieved 2022年02月11日.
  24. ^ "Aareal Capital, Goldman Sachs Provide 500ドルM in Refinancing for Alagem's Waldorf Astoria, Beverly Hilton". The Real Deal. 2021年08月23日. Retrieved 2022年02月06日.
  25. ^ Sharp, Steven. "Site prep underway for 2ドル-billion One Beverly Hills development".
  26. ^ Harter, Clara. "One Beverly Hills Breaks Ground".
  27. ^ "Una Gets Green Light: 11-Story Building Will Be Demolished This Month To Make Way For Futuristic 46-Story Tower In Brickell (But No Implosion)". The Next Miami. Retrieved 2022年02月08日.
  28. ^ "This is the hottest office building in Miami. And it's not even finished yet". Miami Herald . Retrieved 2022年02月08日.
  29. ^ Grossman, Matt (2019年01月08日). "Cain International Steps in on 1ドルB Crown Building Refi". Commercial Observer. Retrieved 2023年09月24日.
  30. ^ "Photo: 649-Foot Missoni Baia At The Maximum Height Permitted By FAA". The Next Miami. Retrieved 2022年02月08日.
  31. ^ "OKO Group, Cain International Secure 128ドルM Loan for Miami Condo Tower". Commercial Observer . 2021年04月20日. Retrieved 2022年02月08日.
  32. ^ "OKO Group and Cain International's luxury Missoni Baia Tower in Miami tops off". www.worldarchitecturenews.com. Retrieved 2023年01月30日.
  33. ^ "OKO and Cain Set Sights on Fort Lauderdale With 98ドルM Construction Loan". Commercial Observer. 2022年07月07日. Retrieved 2022年07月29日.
  34. ^ Ackerman, Naomi (2020年12月03日). "Prezzo sold to Swinger's and AllBright owner Cain International". Evening Standard . Retrieved 2022年02月06日.
  35. ^ "Cain's Eric Poretsky Talks New Opportunities in the Post-COVID Market". Commercial Observer. 2020年10月30日. Retrieved 2022年03月18日.
  36. ^ "The 400ドル Million Raffles Boston Tops Off at 35 Stories". Luxury Travel Advisor. 2022年03月04日. Retrieved 2022年07月29日.
  37. ^ Hurley, James. "Taking a swing at success from golf and cocktails". ISSN 0140-0460 . Retrieved 2023年01月30日.
  38. ^ Rappaport, Sarah. "Swingers 'Crazy Golf' Gets 52ドル Million Investment for Expansion".
  39. ^ Parsley, David. "Cain International raises 324ドルm for first European real estate fund". Property Week .
  40. ^ Quinlan, Ronald. "Kennedy Wilson begins work on offices at new Dublin docklands scheme". The Irish Times.
  41. ^ "Lendlease, Aware Super Secures 117ドルM loan for residential tower in Chicago's downtown". TRD Chicago. 2021年11月08日.
  42. ^ "Lendlease JV Lands 117ドルM Loan for Chicago Community". MREN. 2022年11月09日.
  43. ^ Hatmaker, Julia (February 8, 2022). "Cain nets 500ドルm for PBSA". Place North-West.
  44. ^ "Real estate developer Firethorn sells logistics assets to Cain for 550ドルm". CityAM. 2022年03月02日. Retrieved 2022年04月10日.
  45. ^ Labiak, Mitchell (2022年03月02日). "Firethorn Trust sells UK logistics portfolio to Cain International for 550ドルm". Property Week. Retrieved 2022年04月10日.
  46. ^ "Cain secures 420ドルm Blackstone financing for UK logistics deal". Real Assets. Retrieved 2022年07月29日.
  47. ^ "Cain's U.K. logistics portfolio finalises development stage with the completion of Sherburn42". Cain International.
  48. ^ Bennett-Ness, Jamie (2022年07月12日). "Cain and Firethorn agree JV to deliver 300,000 sq ft logistics development". Property Week. Retrieved 2023年09月24日.
  49. ^ McGuire, Laura (2022年05月10日). "Cain loans 261ドル.5m for 1m sq ft Reading production studio". Property Week. Retrieved 2022年07月29日.
  50. ^ Norman, Paul (November 9, 2023). "Cain Fills Up Islington Square Retail and Hospitality". CoStar.
  51. ^ "Saudi Arabia's PIF, Cain invest 900ドル mln in hotelier Aman Group". Reuters. 2022年08月15日. Retrieved 2023年01月30日.
  52. ^ Arrojas, Matthew (November 24, 2020). "SBE sells Delano South Beach hotel to Eldridge". www.bizjournals.com. Retrieved 2023年09月24日.
  53. ^ "Cain International to Buy Minority Stake in Luxury Delano Brand". Bloomberg.com. 2023年04月13日. Retrieved 2023年09月24日.
  54. ^ "Museum of Shakespeare exploring London's first theatreland announced". The Independent. 2023年04月19日. Retrieved 2023年09月24日.
  55. ^ Parker, Christopher. "An Interactive Shakespeare Museum Will Immerse Visitors in the Ruins of an Elizabethan Theater". Smithsonian Magazine. Retrieved 2023年09月24日.
  56. ^ "Cain secures 218ドルm refinancing for The Stage". PropertyEU News.
  57. ^ "Cain Continues U.S. Expansion With 1ドル.2B New York Loan Portfolio Buy". Commercial Observer. 2023年06月09日. Retrieved 2023年09月24日.
  58. ^ Knight, Madeleine (2023年06月28日). "Cain extends 50ドルm revolving credit facility with Tungsten Properties". Property Week. Retrieved 2023年09月24日.
  59. ^ "Developers Secure 47ドルM for Rare South of Fifth Office Building". Commercial Observer.

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