Cain Hoy, the London-based investment company, has provided financing worth £290 million (€336 million; $376 million) to the UK arm of Indian real estate developer Lodha Developers. The financing follows an £80 million bridge financing which Cain Hoy provided to the developer in October.
Matteo Milan, director at Cain Hoy, told PDI the new facility is being used, in part, to refinance the previously-provided financing. The remainder will be used to support the construction of the residential facility, which is located in Lincoln Square, London.
“It’s an amazing location, it has a very healthy level of presales and, more importantly, the sponsor ticks all the boxes,” Milan said. The development has seen £130 million in presales since its launch in May 2016, according to a company announcement from Lodha.
Milan also noted working with Lodha was an important attraction in making the investment. “What is key is the relationship with the people we’re doing business with,” he said. “We’re looking for high-quality sponsors with good quality assets. But the sponsor always comes first.”
The development is expected to be completed by the end of 2018.