Cain International Explained

Cain International
Former Name:Cain Hoy Enterprises
Type:Private
Industry:Real estate
Area Served:Worldwide
Key People:Jonathan Goldstein (CEO and cofounder)
Todd Boehly (founder)
Aum:$16 billion (2023)[1]
Parent:Eldridge Industries

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

History

Early history and founding

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 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. 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

By 2016, the firm had invested over $1.4 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.

In 2018, the company purchased a $345 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 $284.5 million towards the $1 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 million investment round in 2023.[37] [38]

Cain International raised €324 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 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 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 million in March 2022.[44] [45] In April 2022, Blackstone Inc provided Cain International with £420 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 £261.5 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 million into Aman Group, to support the hospitality group's international expansion. The investment brought the group's valuation to $3 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 million refinancing for The Stage from Macquarie Capital.[56]

The company purchased ten construction loans from PacWest Bancorp, including $500 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 billion.[57] That year, it also extended a $58 million credit facility to Tungsten Properties.[58]

In November 2023, Cain extended a $240 million loan to Related Companies and Alta Developers for the construction of Casa Bella Residences, an apartment tower by B&B Italia. It also provided $47.3 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]

Notes and References

  1. Web site: Related Group, Alta Developers. SFBJ.
  2. News: Tan . Gillian . 12 June 2019 . Cain, Backed by Dodgers Owner, Eyes $500 Million for Debut Fund . . 2022-02-06.
  3. Web site: Tan . Gillian . March 1, 2021 . Cain International Weighs Raising $250 Million for First SPAC . 2022-02-06 . Bloomberg.
  4. News: Karmin . Craig . 2015-08-25 . Henry Silverman Creates New Property Investment Firm . en-US . . 2022-02-06 . 0099-9660.
  5. News: Blirtz . Roger . 25 September 2014 . Cain Hoy opts against Tottenham Hotspur bid . . 2022-02-06.
  6. News: Fitzgerald . Thomas . Cain Hoy and Sager lead £400m Islington Square development . .
  7. News: Philips . Mike . From Bidding For Tottenham To Buying Beverly Hills: Cain International Breaks Into America . .
  8. Web site: Emily . Fu . 2022-05-09 . Cain International Lands $207M Loan for the Hudson Hotel in NYC . 2022-07-29 . Commercial Observer . en-US.
  9. News: Law . Matt . 12 September 2014 . Tottenham Hotspur takeover: The key players . . 2022-02-08.
  10. News: Gibson . Owen . 12 September 2014 . US investment group reveals interest in Tottenham . . 2022-02-08.
  11. Web site: 2014-09-25 . Cain Hoy withdraws interest in Tottenham . 2022-02-08 . ESPN.com.
  12. Web site: Revealed: Jonathan Goldstein Part of Boehly-Wyss Consortium to Buy Chelsea.
  13. Web site: 2015-07-14 . Block of flats worth £140 million sells out in five hours . 2022-02-08 . The Independent.
  14. News: London waterfront to take on new look with Italian backing . . 2022-02-08 . 0140-0460.
  15. Web site: 2015-04-03 . Sam Nazarian back in charge at SBE; Cain Hoy investors step down . 2022-02-08 . Los Angeles Times.
  16. Web site: 2014-12-18 . Investors remain loyal to L.A. nightclub owner Nazarian . 2022-02-08 . Los Angeles Times.
  17. News: Karmin . Craig . 2016-12-01 . SBE Entertainment Concludes Morgans Hotel Acquisition . en-US . . 2022-02-08 . 0099-9660.
  18. Web site: AccorHotels to buy SBE Entertainment stake for US$319M; ANF OKs Icade merger . 2023-01-30 . www.spglobal.com . en-us.
  19. News: Martin . Will . A property investor just signed one of the deals of the decade in Mayfair . en-US . Business Insider . 2022-02-06.
  20. Web site: 2020-10-30 . Cain's Eric Poretsky Talks New Opportunities in the Post-COVID Market . 2022-03-18 . Commercial Observer . en-US.
  21. Web site: Rolt . Amber . March 7, 2017 . Cain Hoy rebrands to reflect global outlook . Radius Data Exchange.
  22. Web site: Cain International buys stake in Beverly Hills, Calif., hotel complex . 2022-02-11 . . en-us.
  23. Web site: 2021-06-14 . Beny Alagem's One Beverly Hills Gets Approved . 2022-02-11 . . en-US.
  24. Web site: 2021-08-23 . Aareal Capital, Goldman Sachs Provide $500M in Refinancing for Alagem's Waldorf Astoria, Beverly Hilton . 2022-02-06 . The Real Deal . en-US.
  25. Web site: Sharp . Steven . Site prep underway for $2-billion One Beverly Hills development .
  26. Web site: Harter . Clara . One Beverly Hills Breaks Ground .
  27. Web site: 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) . 2022-02-08 . The Next Miami.
  28. News: This is the hottest office building in Miami. And it's not even finished yet . . 2022-02-08.
  29. Web site: Matt . Grossman . 2019-01-08 . Cain International Steps in on $1B Crown Building Refi . 2023-09-24 . Commercial Observer . en-US.
  30. Web site: Photo: 649-Foot Missoni Baia At The Maximum Height Permitted By FAA . 2022-02-08 . The Next Miami.
  31. Web site: 2021-04-20 . OKO Group, Cain International Secure $128M Loan for Miami Condo Tower . 2022-02-08 . Commercial Observer.
  32. Web site: OKO Group and Cain International’s luxury Missoni Baia Tower in Miami tops off . 2023-01-30 . www.worldarchitecturenews.com . en.
  33. Web site: 2022-07-07 . OKO and Cain Set Sights on Fort Lauderdale With $98M Construction Loan . 2022-07-29 . Commercial Observer . en-US.
  34. News: Ackerman . Naomi . 2020-12-03 . Prezzo sold to Swinger's and AllBright owner Cain International . en . . 2022-02-06.
  35. Web site: 2020-10-30 . Cain's Eric Poretsky Talks New Opportunities in the Post-COVID Market . 2022-03-18 . Commercial Observer . en-US.
  36. Web site: 2022-03-04 . The $400 Million Raffles Boston Tops Off at 35 Stories . 2022-07-29 . Luxury Travel Advisor . en.
  37. News: Hurley . James . Taking a swing at success from golf and cocktails . 2023-01-30 . 0140-0460.
  38. News: Rappaport. Sarah. Swingers 'Crazy Golf' Gets $52 Million Investment for Expansion.
  39. News: Parsley . David . Cain International raises €324m for first European real estate fund . .
  40. Web site: Quinlan . Ronald . Kennedy Wilson begins work on offices at new Dublin docklands scheme . The Irish Times.
  41. Web site: 2021-11-08 . Lendlease, Aware Super Secures $117M loan for residential tower in Chicago's downtown . TRD Chicago.
  42. Web site: 2022-11-09 . Lendlease JV Lands $117M Loan for Chicago Community . MREN.
  43. News: Hatmaker . Julia . February 8, 2022 . Cain nets £500m for PBSA . Place North-West .
  44. Web site: 2022-03-02 . Real estate developer Firethorn sells logistics assets to Cain for £550m . 2022-04-10 . CityAM . en-GB.
  45. Web site: Labiak . Mitchell . 2022-03-02 . Firethorn Trust sells UK logistics portfolio to Cain International for £550m . 2022-04-10 . Property Week . en.
  46. News: Cain secures £420m Blackstone financing for UK logistics deal . en . Real Assets . 2022-07-29.
  47. Web site: Cain’s U.K. logistics portfolio finalises development stage with the completion of Sherburn42 . Cain International.
  48. Web site: Bennett-Ness . 2022-07-12 . Jamie . Cain and Firethorn agree JV to deliver 300,000 sq ft logistics development . 2023-09-24 . Property Week . en.
  49. Web site: McGuire . Laura . 2022-05-10 . Cain loans £261.5m for 1m sq ft Reading production studio . 2022-07-29 . Property Week . en.
  50. Web site: Norman . Paul . November 9, 2023 . Cain Fills Up Islington Square Retail and Hospitality . CoStar.
  51. News: 2022-08-15 . Saudi Arabia's PIF, Cain invest $900 mln in hotelier Aman Group . en . Reuters . 2023-01-30.
  52. Web site: Arrojas . Matthew . November 24, 2020 . SBE sells Delano South Beach hotel to Eldridge . 2023-09-24 . www.bizjournals.com.
  53. News: 2023-04-13 . Cain International to Buy Minority Stake in Luxury Delano Brand . en . Bloomberg.com . 2023-09-24.
  54. Web site: 2023-04-19 . Museum of Shakespeare exploring London’s first theatreland announced . 2023-09-24 . The Independent . en.
  55. Web site: Parker . Christopher . An Interactive Shakespeare Museum Will Immerse Visitors in the Ruins of an Elizabethan Theater . 2023-09-24 . Smithsonian Magazine . en.
  56. Web site: Cain secures €218m refinancing for The Stage. PropertyEU News.
  57. Web site: 2023-06-09 . Cain Continues U.S. Expansion With $1.2B New York Loan Portfolio Buy . 2023-09-24 . Commercial Observer . en-US.
  58. Web site: Knight . 2023-06-28 . Madeleine . Cain extends £50m revolving credit facility with Tungsten Properties . 2023-09-24 . Property Week . en.
  59. Web site: Developers Secure $47M for Rare South of Fifth Office Building. Commercial Observer.

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