Cain (formerly Cain International) is a privately held real estate investment firm headquartered in London.
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History
Early history and founding
The company was co-founded by Jonathan Goldstein and Todd Boehly in 2014 as Cain Hoy Enterprises, with minority backing from Guggenheim Partners. 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.
The firm was in talks to buy Tottenham Hotspur F.C. in 2014, but later pulled out of negotiations. Cain's CEO Goldstein later became a director of Chelsea F.C. in 2022.
Cain Hoy entered a joint venture with Galliard Homes in 2015 to develop high rise apartments in Canary Wharf.
In 2014, Cain Hoy Enterprises loaned $167 million to SBE Entertainment Group as part of the company's recapitalization. As part of the deal, three principals from Cain Hoy joined SBE's board of directors. 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. It exited this investment in 2018 when it sold this stake to Accor.
International expansion and rebranding
By 2016, the firm had invested over $1.4 billion in real estate development, and had begun to expand into the United States and Europe. Cain Hoy was renamed Cain International in 2017. 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. In 2021, the partnership received approval from the city council to begin construction on One Beverly Hills, a mixed-use development spanning 17.5 acres that includes the Beverly Hilton, the Waldorf Astoria, and a planned Aman Hotel, Residences & Club. As of January 2024, site preparation was underway for the construction of the development. In February 2024, the groundbreaking of the site was celebrated with officials from the City of Beverly Hills.
Since 2018, Cain 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. Cain also contributed $284.5 million towards the $1 billion renovation of the Crown Building in Manhattan.
In April 2021, Cain 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. The Missoni Baia tower was topped off in June 2021. Cain and OKO Group also entered a joint venture to build One River, a highrise apartment in Fort Lauderdale.
In December 2020, the company acquired restaurant chain Prezzo. It also invested in the Raffles Boston Back Bay Hotel & Residences, which was topped-out in March 2022. The company has also invested in mini golf chain Swingers, and led a $52 million investment round in 2023.
Cain 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. Cain 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.