Quintain have agreed to sell their share of Greenwich Peninsula Regeneration to their joint venture partner, Knight Dragon for £230m, giving the cash to accelerate development in Wembley.
Quintain has entered into a conditional Sale and Purchase Agreement for the sale of its remaining interests in GPRL to Knight Dragon for total aggregate proceeds of £230 million.
Quintain should realise a profit from the transaction which will result in an increase in net assets of approximately £34.6 million, or just over 6%. They say that, among other things, this will help accelerate delivery of their regeneration at Wembley Park, enabling them to “increase the quantum and ambition of the next phase of development at the 8.7 million sqft site”. It could also mean they will invest other London markets.
Commenting on the Transaction, Maxwell James, Chief Executive of Quintain said: “This is a compelling transaction for Quintain which, on attractive terms, delivers financial stability and certainty for our shareholders by crystallising future profits and cash flows at an early stage.
“We have now completed Quintain’s wider corporate repositioning, paving the way for a new phase of profitable growth for Quintain. We can now accelerate our major commercial and residential scheme at Wembley Park, building on this month’s opening of the London Designer Outlet and, with a strengthened financial position, Quintain’s highly experienced London team is well positioned to exploit new opportunities investing in selected income and value creating assets in the key London markets.”