McCourt Global enters The Stage Team

June 3, 2015 |
Property Week |
Rhiannon Bury
New York-based investor McCourt Global has joined Cain Hoy Enterprises and Galliard Homes to develop a £750m mixed-use scheme in Shoreditch, London. Cain Hoy and Galliard emerged as the funding and development partners for the project, known as The Stage, in March. Now, MG Properties, the real estate investment and development arm of McCourt Global, will join the pair to develop the 2.3-acre site in a partnership with the Bard family’s Plough Yard Developments. The scheme incorporates the remains of Shakespeare’s 16th century Curtain Theatre, where Romeo and Juliet was first performed.

The deal will see Plough Yard Developments retain the freehold while granting a new 250-year lease to the consortium to develop the 2.3-acre site, which has consent for a 40-storey residential tower and more than 250,000 sq ft of office, retail and leisure accommodation set around more than an acre of public space. The remains of the theatre will also be excavated and preserved as part of the development, providing a new tourist attraction for domestic and international visitors.

Investec Structured Property Finance provided a debt and equity funding package for the deal. King & Wood Mallesons acted for the Cain Hoy-led consortium, and Berwin Leighton Paisner acted for Plough Yard Developments. The consortium was advised by Allsop and CBRE. Allsop is advising on the offices and CBRE has been appointed in respect of the sale of the apartments.