Cain International, the privately held real estate investment firm operating in Europe and the United States, is pursuing further business in Southern Europe, says principal Matteo Milan, after inking a couple of key debt deals in Italy this year.
‘We’ve found a lot of opportunities in southern Europe at the moment,’ Milan said.
‘This is partly due to the fact that the domestic financing scene doesn’t have a lot of appetite for lending – they tend to be very conservative. They don’t go as high as we do in terms of leverage. Of course, it’s not just about leverage – it’s about being agile and finding solutions to problems.’
Cain is currently partnering with local developer Barletta Group on two high profile projects in Rome and Venice, the first of which will bring renowned lifestyle brand Soho House to the Italian capital.
‘Taking shape in edgy San Lorenzo – Rome’s equivalent to Shoreditch – this project will be a game changer for the neighbourhood,’ Milan said.
The second scheme represents the conversion of a 14th century Venetian palace into a 46-bedroom five-star hotel under a management agreement with Rosewood Hotels.
‘When we look at financing development schemes, the most important thing is who we are lending the money to,’ Milan adds.
‘The projects and locations have to be right, but we see development finance as an ongoing, close partnership, which we’re in until the building’s completion.’