Cain International

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Cain International
FormerlyCain Hoy Enterprises
TypePrivate
IndustryReal estate
Founded2014; 8 years ago (2014)
Area served
Worldwide
Key people
Jonathan Goldstein (CEO)
Todd Boehly (founder)
AUM$14.5 billion (2022)
ParentEldridge Industries
Websitecainint.com

Cain International (formerly Cain Hoy Enterprises) is a privately held real estate investment firm headquartered in London.[1][2] As of 2022, the company had $14.5 billion in assets under management.[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] The company was named after the Cain Hoy Stable owned by the Guggenheim family[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 co-owner and 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, including Silverman, 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]

International expansion and rebranding[]

By 2016, the firm had invested over $1.4 billion in real estate development,[18] and had begun to expand into the United States and Europe.[19] Cain Hoy was renamed Cain International in 2017.[20] In 2019, the company opened an office in Los Angeles.[7]

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.[21] In 2021, Cain International and Alagem received approval from the city council to begin construction on a $2 billion development at One Beverly Hills.[22] Cain International and Alagem received $500 million in financing from Goldman Sachs and Aereal Capital for the project.[23]

Since 2018, Cain International has developed a number of skyscrapers in Miami, including the Una Residences and 830 Brickell Tower.[24][25] Construction of the Una Residences began in late 2020.[26]

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.[27][28] Cain International and OKO Group also entered a joint venture to build One River, a highrise apartment in Fort Lauderdale.[29]

In December 2020, the company acquired restaurant chain Prezzo.[30] It also invested in the Raffles Boston Back Bay Hotel & Residences,[31] which was topped-out in March 2022.[32]

Cain International closed its first European real estate fund for €324 million in May 2021, with backing from Goldman Sachs and Security Benefit Life Insurance Company.[33] Cain International began developing commercial property in Dublin in July 2021, as a joint venture with Kennedy Wilson.[34]

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.[35][36]

In 2022, the company partnered with Fusion Students to develop £1.5 billion of student housing in London, Portsmouth, Liverpool, Manchester, Nottingham, and Birmingham.[37] The company purchased Firethorn Trust's UK logistics portfolio for £550 million in March 2022.[38][39]

In April 2022, Blackstone Inc provided Cain International with £420 million in financing to manage a UK logistics portfolio acquired in 2021.[40]

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.[41]

References[]

  1. ^ Tan, Gillian (12 June 2019). "Cain, Backed by Dodgers Owner, Eyes $500 Million for Debut Fund". Bloomberg News. Retrieved 2022-02-06.
  2. ^ Tan, Gillian (March 1, 2021). "Cain International Weighs Raising $250 Million for First SPAC". Bloomberg. Retrieved 2022-02-06.
  3. ^ "About". cainint.com.
  4. ^ Karmin, Craig (2015-08-25). "Henry Silverman Creates New Property Investment Firm". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-02-06.
  5. ^ Blirtz, Roger (25 September 2014). "Cain Hoy opts against Tottenham Hotspur bid". Financial Times. Retrieved 2022-02-06.
  6. ^ Fitzgerald, Thomas. "Cain Hoy and Sager lead £400m Islington Square development". City A.M.
  7. ^ Jump up to: a b Philips, Mike. "From Bidding For Tottenham To Buying Beverly Hills: Cain International Breaks Into America". Bisnow.
  8. ^ Fu, Emily (2022-05-09). "Cain International Lands $207M Loan for the Hudson Hotel in NYC". Commercial Observer. Retrieved 2022-07-29.
  9. ^ Law, Matt (12 September 2014). "Tottenham Hotspur takeover: The key players". The Telegraph. Retrieved 2022-02-08.
  10. ^ Gibson, Owen (12 September 2014). "US investment group reveals interest in Tottenham". The Irish Times. Retrieved 2022-02-08.
  11. ^ "Cain Hoy withdraws interest in Tottenham". ESPN.com. 2014-09-25. Retrieved 2022-02-08.
  12. ^ "Revealed: Jonathan Goldstein Part of Boehly-Wyss Consortium to Buy Chelsea".
  13. ^ "Block of flats worth £140 million sells out in five hours". The Independent. 2015-07-14. Retrieved 2022-02-08.
  14. ^ "London waterfront to take on new look with Italian backing". The Times. ISSN 0140-0460. Retrieved 2022-02-08.
  15. ^ Jump up to: a b "Sam Nazarian back in charge at SBE; Cain Hoy investors step down". Los Angeles Times. 2015-04-03. Retrieved 2022-02-08.
  16. ^ "Investors remain loyal to L.A. nightclub owner Nazarian". Los Angeles Times. 2014-12-18. Retrieved 2022-02-08.
  17. ^ Karmin, Craig (2016-12-01). "SBE Entertainment Concludes Morgans Hotel Acquisition". Wall Street Journal. ISSN 0099-9660. Retrieved 2022-02-08.
  18. ^ Martin, Will. "A property investor just signed one of the deals of the decade in Mayfair". Business Insider. Retrieved 2022-02-06.
  19. ^ "Cain's Eric Poretsky Talks New Opportunities in the Post-COVID Market". Commercial Observer. 2020-10-30. Retrieved 2022-03-18.
  20. ^ Rolt, Amber (March 7, 2017). "Cain Hoy rebrands to reflect global outlook". Radius Data Exchange.
  21. ^ "Cain International buys stake in Beverly Hills, Calif., hotel complex". S&P Global. Retrieved 2022-02-11.
  22. ^ "Beny Alagem's One Beverly Hills Gets Approved". The Real Deal. 2021-06-14. Retrieved 2022-02-11.
  23. ^ "Aareal Capital, Goldman Sachs Provide $500M in Refinancing for Alagem's Waldorf Astoria, Beverly Hilton". The Real Deal. 2021-08-23. Retrieved 2022-02-06.
  24. ^ "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 2022-02-08.
  25. ^ "This is the hottest office building in Miami. And it's not even finished yet". Miami Herald. Retrieved 2022-02-08.
  26. ^ "Vertical Construction Underway At 579-Foot Una Residences Tower In Brickell". The Next Miami. Retrieved 2022-07-29.
  27. ^ "Photo: 649-Foot Missoni Baia At The Maximum Height Permitted By FAA". The Next Miami. Retrieved 2022-02-08.
  28. ^ "OKO Group, Cain International Secure $128M Loan for Miami Condo Tower". Commercial Observer. 2021-04-20. Retrieved 2022-02-08.
  29. ^ "OKO and Cain Set Sights on Fort Lauderdale With $98M Construction Loan". Commercial Observer. 2022-07-07. Retrieved 2022-07-29.
  30. ^ Ackerman, Naomi (2020-12-03). "Prezzo sold to Swinger's and AllBright owner Cain International". Evening Standard. Retrieved 2022-02-06.
  31. ^ "Cain's Eric Poretsky Talks New Opportunities in the Post-COVID Market". Commercial Observer. 2020-10-30. Retrieved 2022-03-18.
  32. ^ "The $400 Million Raffles Boston Tops Off at 35 Stories". Luxury Travel Advisor. 2022-03-04. Retrieved 2022-07-29.
  33. ^ Parsley, David. "Cain International raises €324m for first European real estate fund". Property Week.
  34. ^ Quinlan, Ronald. "Kennedy Wilson begins work on offices at new Dublin docklands scheme". The Irish Times.
  35. ^ "Lendlease, Aware Super Secures $117M loan for residential tower in Chicago's downtown". TRD Chicago. 2021-11-08.
  36. ^ "Lendlease JV Lands $117M Loan for Chicago Community". MREN. 2022-11-09.
  37. ^ Bennett-Ness, Jamie (February 8, 2022). "Cain and Fusion joint venture to create £1.5bn PBSA platform". Property Week.
  38. ^ "Real estate developer Firethorn sells logistics assets to Cain for £550m". CityAM. 2022-03-02. Retrieved 2022-04-10.
  39. ^ Labiak, Mitchell (2022-03-02). "Firethorn Trust sells UK logistics portfolio to Cain International for £550m". Property Week. Retrieved 2022-04-10.
  40. ^ "Cain secures £420m Blackstone financing for UK logistics deal". Real Assets. Retrieved 2022-07-29.
  41. ^ McGuire, Laura (2022-05-10). "Cain loans £261.5m for 1m sq ft Reading production studio". Property Week. Retrieved 2022-07-29.
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