Latest news with #CainInternational
Bloomberg
07-07-2025
- Business
- Bloomberg
Cain International Nears Deal for Former Trump SoHo Hotel
Cain International is nearing a deal to acquire the Manhattan hotel once known as the Trump SoHo as part of the firm's push into luxury real estate. Cain is expected to pay seller CIM Group more than $175 million, according to people familiar with the negotiations. Cain plans to reposition the property, which is currently known as the Dominick Hotel, said one of the people, who asked not to be named discussing a private matter.
BBC News
03-07-2025
- Business
- BBC News
Sunderland Crown Works film studios plan backed by government
The government is "determined" to support the development of a film studio after a major investor pulled out, a senior Labour minister has secretary Lisa Nandy told MPs her department was working alongside local leaders as they searched for new funding for the Crown Works Studios project in emerged on Monday that investment firm Cain International, which led the plans in a joint venture with Fulwell Entertainment, had withdrawn from the £450m vision to build a production complex on the banks of the River Wear in City Council and the North East Combined Authority (Neca) say they "remain confident" of securing investment. Sunderland Central MP Lewis Atkinson asked Nandy on Thursday how the government's new creative industries strategy, which specifically highlights the "game-changing plans for film production" in the city, would ensure the development was in the House of Commons, she replied that Crown Works would bring "great jobs and growth to the North East of England and help our amazing film industry thrive".Nandy said: "Anyone who has ever visited Sunderland will know why the film industry is based there and why it is thriving there, and we are determined to support that."We are working with Sunderland City Council and the North East Mayoral Combined Authority. They are really confident that a private investor will be secured to support Crown Works film studios."Although it has not directly invested in the scheme, the government has provided £25m to Neca as part of a devolution deal for early development of the authorities, meanwhile, have committed to a total public investment of up to £ City Council leader Michael Mordey said on Monday he expected to have new funding in place by the time remediation works were finished later this year, ready to begin the first phase of planning permission has already been granted for initial construction that would include four sound stages, though the wider vision was for asked about Crown Works in April, Ms Nandy told the Local Democracy Reporting Service the government was "working very closely to make sure that moves at pace and that, [with] the investment we have put in, people start to see results very quickly".Fulwell Entertainment, which made the Sunderland 'Til I Die Netflix series, said it remained "committed to working with the council to find appropriate private funding". Follow BBC Sunderland on X, Facebook, Nextdoor and Instagram.
BBC News
01-07-2025
- Business
- BBC News
Sunderland Crown Works Studios funding setback 'not end of project '
Building work will "continue as normal" on a multimillion-pound film and TV studio despite a key investor backing out, a mayor has estate firm Cain International said it had withdrawn from the Crown Works Studios project in Sunderland but declined to go into more North East Mayor Kim McGuinness said: "Work is already under way and we're committed to delivering Crown Works, but we know that we can find new investors." Work on the site began earlier this year, with the government providing £25m through devolution funding, and Sunderland City Council and the North East Combined Authority (NECA) committing to about £120m. The development, on the former shipyard site in Pallion, next to the Northern Spire Bridge, is expected to create thousands of jobs. Funding for the rest of the scheme was expected to come from a joint venture between Fulwell Entertainment and Cain, which had intended on building 19 sound stages at the riverside site. Alison Gwynn, head of North East Screen, said: "We know we have support from central and regional government, one investor may be out but this is a chance to find the right investor."The organisation said there had been a 131% increase in the number of productions filmed in the region over the past three years and it was "confident" the site would be up and running by 2027. "This isn't all doom and gloom, the groundworks are happening right now, construction is due to start in January - this is going to happen, we are really confident," Ms Gwynn said. Phase one of the project would see four sound stages built on the site, with an aim of getting more built in further phases if the studio "proved" to be commercially viable. 'Grit and determination' Fulwell Entertainment, which is behind the Netflix football documentary Sunderland 'Til I Die, said it "remains committed to working with the council to find appropriate private funding, complementing the combined North East authority and wider government funding needed to make these world-class production studios a reality".Labour-led Sunderland City Council said the proposals were "being presented to the investment market, with the aim to put in place a final funder and developer later this year".Rob Lawson, chair of Sunderland Business Partnership, a collective of the region's businesses and organisations, said it was important to support the efforts of the council as it searched for new investment."Sunderland is a city of grit and determination – a place that digs in and delivers through adversity," he added. Follow BBC Sunderland on X, Facebook, Nextdoor and Instagram.
BBC News
30-06-2025
- Business
- BBC News
Sunderland's Crown Works Studios' backer pulls out of film hub
New investment is being sought to finance a major film studio after one of its backers pulled £450m Crown Works Studios project in Sunderland is being designed as a major hub for the TV and film industry and it is hoped it will allow major projects to be created in the north-east of International confirmed it had withdrawn from the project but declined to give a reason for the remaining backer, Fulwell Entertainment, said it remained committed to working with Sunderland City Council to find "appropriate private funding" to allow the development to continue. Crown Works Studios is set to be built on the banks of the River Wear and it is hoped it will create thousands of jobs in the government has already provided £25m towards the project, while the council and the North East mayoral authority have committed to invest about £120m, according to the Local Democracy Reporting much of the funding was expected to come from a joint venture between Fulwell and Cain, which had intended on building 19 sound stages at the riverside site. A spokesperson for Fulwell Entertainment said: "Fulwell Entertainment remains committed to working with the council to find appropriate private funding, complementing the combined NE authority and wider government funding needed to make these world-class production studios a reality." Labour-led Sunderland City Council said the proposals were "being presented to the investment market, with the aim to put in place a final funder and developer later this year".Council leader Michael Mordey said: "These studios represent a game-changing opportunity for the city and we cannot wait to see them progress. "There's an absolute commitment to secure the best possible delivery partner to move this forward and we expect that we will have funding confirmed and be ready to progress the first phase of the studios by the time remediation works complete later this year."Labour's North East Mayor Kim McGuinness said she remained confident Crown Works Studios would be "a flagship site in a thriving industry for years to come." The council's Liberal Democrat opposition leader, Paul Edgeworth, said he hoped the studios would not turn out to be an "empty promise"."Labour have every lever at their disposal to make sure this project is a success," he said. "Sunderland council, the regional mayor and the government must now make it their top priority to make sure this development gets off the ground." Follow BBC Sunderland on X, Facebook, Nextdoor and Instagram.
ITV News
30-06-2025
- Business
- ITV News
Search for Crown Works Studios investment as private backer pulls out of £450m Sunderland film hub
New investment is being sought for a flagship film studio plan in the North East – after its initial backers pulled out. It has been hoped that the Crown Works Studios in Sunderland would create thousands of jobs and bring blockbuster film and TV production to the region. But Sunderland City Council and the North East Combined Authority are now looking for fresh investment to ensure the studios can be built on the banks of the River Wear, after financiers Cain International withdrew. Local leaders say they 'remain confident' in the scheme's future and that they expect to have new funding in place before the end of this year, the Local Democracy Reporting Service reports. The vision for the vast £450m complex was originally led by FulwellCain, a joint venture between global entertainment company Fulwell 73 and Cain International, who had hoped to build 19 sound stages at the riverside site. Sunderland City Council said on Monday (30 June) that Fulwell Entertainment 'remains a committed champion of the scheme', but that the proposals were now 'being presented to the investment market, with the aim to put in place a final funder and developer later this year'. Council leader Michael Mordey said: 'These studios represent a game-changing opportunity for the city and we cannot wait to see them progress. "There's an absolute commitment to secure the best possible delivery partner to move this forward and we expect that we will have funding confirmed and be ready to progress the first phase of the studios by the time remediation works complete later this year.' Preparatory works on land next to the Northern Spire Bridge are already under way, paid for through public money, but building work on the studios has yet to begin. Planning permission for the development was secured last year, but detailed approval has only been granted for a first phase of building that would include four sound stages, production offices, workshop buildings, and a multi-storey car park. The Government has provided an initial £25m cash injection, via the devolution deal which established the North East mayor, while Sunderland City Council and the North East mayoral authority have committed to ultimately invest up to £120m. A specialist agent is being appointed by the council to engage with investors, which the authority said would still include the likes of Fulwell Entertainment – who were behind the Sunderland 'Til I Die Netflix series. North East mayor Kim McGuinness added: 'We're supporting Sunderland City Council in the job of preparing the site, which can eventually be the largest film and TV production complex in the UK outside of London and the South East. 'In the process we'll create thousands of new jobs for local people and end the days where people have to leave the North East to pursue a career in creative industries. "This is why the project has to date secured a public sector funding package worth £120m including £25m which we have put in to begin preparation of the site at Pallion on Sunderland Riverside. We remain confident that this will be a flagship site in a thriving industry for years to come.' Former Tory Chancellor Jeremy Hunt and ex-Prime Minister Rishi Sunak visited Wearside in March 2024, when Mr Hunt described the Crown Works as 'totally and utterly transformational' for the city and the wider region. Current chancellor Rachel Reeves later confirmed the £25m funding in her Budget last October, while Labour culture secretary Lisa Nandy told the Local Democracy Reporting Service this year that the Government was 'working very closely to make sure that moves at pace and that, [with] the investment we have put in, people start to see results very quickly'. The Crown Works was named just last week by the Government this week as one of the key areas of the North East's economic growth, as Labour announced its new industrial strategy for the nation. "The Government rejected plans to build one of the UK's biggest film and TV production studios near Maidenhead, in Berkshire, last month and said that there was 'likely to be sufficient capacity within existing studio space' for the industry 'for the immediate future'. North East Screen chief executive Alison Gwynn said: 'The region is 100% committed to studio development as part of their support for the wider creative industry. "Production in the North East is up 131% in our region in the last three years and we recently saw the most eagerly awaited blockbuster 28 Years Later, which was shot almost entirely in our region, showcase not only some outstanding locations, but also some epic scenes created here in our alternative studio space. 'We are now excited to be looking for the right investor for the next stage of our region's growth. The North East has never been in a better position to make the most of these exciting opportunities.'
