Cain and Starwood agree £535 million loan to Canary Wharf Group for the development of Wood Wharf – 27.07.23

Cain International (‘Cain’), the privately held investment firm, and controlled affiliates of Starwood Capital Group (‘Starwood Capital’), a global private investment firm, have agreed a £535 million loan to Canary Wharf Group (‘CWG’) for the next phase of development of its Wood Wharf residential scheme.

Cain and Starwood Capital will each provide half of the £535m development loan, one of the largest in the UK in the past 12 months.

Part of the wider Canary Wharf estate, Wood Wharf Phase 3 is a 1,308-home private build-to-rent (BTR) scheme, split across three towers and two buildings, alongside c. 26,300 sq ft NIA (Net Internal Area) of ancillary commercial space. This phase, which includes 295 affordable homes, adds to the attractions of the mixed-use neighbourhood in Wood Wharf with its easy access to green spaces and waterside living.

The scheme is a pivotal part of CWG’s repositioning to offer 24/7 living, working, shopping and leisure. Wood Wharf is expected to consist of over 3,600 new homes in addition to over nine acres of public spaces, a GP surgery and a school. Its estimated completion is in phases from end of 2025 to Q1 2027.

Graham Keable, Managing Director – Real Estate Debt at Cain International, said: “This was an opportunity to deepen an existing relationship with an experienced sponsor while increasing our exposure to a market sector where we have comprehensive experience. Canary Wharf is a proven location for BTR schemes, with premium rental values, growing occupancy levels and substantial investment appetite despite market headwinds, and we look forward to supporting Canary Wharf Group in its ambition to deliver best-in-class homes in one of the UK capital’s most dynamic neighbourhoods.”

Harvey Sandhu, Vice President, Real Estate Debt, Starwood Capital, said: “We are delighted to support Canary Wharf Group in this transaction. In recent years, Canary Wharf has become a vibrant, mixed-use destination and Wood Wharf Phase 3 will further enhance this transition. The financing builds on our strategy of supporting best-in-class sponsors in sectors with strong market fundamentals.” 

Becky Worthington, CFO, Canary Wharf Group, said: “This financing agreement is testament to the success of our residential offering at CWG and the strength of our lender relationships. We have more than 3,500 residents living at Canary Wharf today in award-winning buildings, with access to world-class amenities on the estate as well as incredible transport links.”

As part of this transaction the asset is being transferred at full market value up the group structure out of the bond group, so reducing development risk within Canary Wharf Group Investment Holdings plc. Click here for further details

Wood Wharf Phase 3 will be delivered with a target Level 4 Code for Sustainable Homes across the private market properties, and BREEAM Excellent on the commercial space.

Media Enquiries:

Cain International:
Henry Columbine / Polly Warrack / Ben Monteith / Ella Palmer
SEC Newgate UK
T: +44 (0) 7808 541 191

Starwood Capital Group:
Tom Johnson / Dan Scorpio
H/Advisors Abernathy
T: +1 (212) 371-5999
E: /

Canary Wharf Group:
Nina Coad / Paul Durman / Emily Trapnell
T: +44 (0)20 7404 5959

Notes to Editors

About Cain International

Cain International (‘Cain’) is a privately held investment firm focused on real estate and business opportunities that shape the fabric of global gateway cities. The firm currently manages over $15 billion in assets through its real estate equity, real estate debt and private equity platforms. Cain is a partnership between its CEO, Jonathan Goldstein and Eldridge. Cain International Advisers Limited, the firm’s asset management and investment advisory division, is an SEC-registered investment adviser. For additional information about Cain please visit

About Starwood Capital Group

Starwood Capital Group is a private investment firm with a core focus on global real estate. The Firm and its affiliates maintain 16 offices in seven countries around the world, and currently have approximately 5,000 employees. Since its inception in 1991, Starwood Capital Group has raised over $75 billion of capital, and currently has over $115 billion of assets under management. Through a series of comingled opportunity funds and Starwood Real Estate Income Trust, Inc. (SREIT), a non-listed REIT, the Firm has invested in virtually every category of real estate on a global basis, opportunistically shifting asset classes, geographies and positions in the capital stack as it perceives risk/reward dynamics to be evolving. Starwood Capital also manages Starwood Property Trust (NYSE: STWD), the largest commercial mortgage real estate investment trust in the United States, which has successfully deployed ~$94 billion of capital since inception and manages a portfolio of over $28 billion across debt and equity investments. Over the past 31 years, Starwood Capital Group and its affiliates have successfully executed an investment strategy that involves building enterprises in both the private and public markets. Additional information can be found at

About Canary Wharf Group:

Canary Wharf Group (CWG) is the developer of the largest urban regeneration project in Europe. CWG develops, manages and currently owns interests in approximately 9 million square feet of mixed-use space and over 1,100 Build to Rent apartments. 

CWG is a sustainable developer in the UK and also excels operationally as it has purchased 100% electricity from renewable sources since 2012 and sent zero waste to landfill since 2009. 

CWG has created a 24/7 city where people can live, work and thrive on the Canary Wharf estate and enjoy all the benefits: great transport links, access to 16.5 acres of green spaces and waterside living; and a wide range of amenities including an award-winning arts and events programme. Canary Wharf’s retail offering comprises over 70 bars, cafes and restaurants and over 300 shops, including 8 grocery stores, pharmacies and health clubs all within 15 minutes’ walk.
LinkedIn: @CanaryWharfGroup
Instagram: @canarywharflondon
Twitter: @CanaryWharfGrp / @Level39CW