Quintain has agreed a new £800 million corporate development facility following its acquisition by Lone Star Real Estate in September 2015.
Wells Fargo, AIG and Canada Pension Plan Investment Board (“CPPIB”), three of the biggest global, institutional lenders, have agreed to provide a five year corporate
development facility to Quintain to support the transformation and further development of Wembley Park. The loan also refinances the existing £425m facility provided by Wells Fargo to support the acquisition of Quintain by Lone Star.
Quintain say the loan facility is structured to offer operational flexibility for them to recycle capital efficiently from non-core assets into the Wembley Park Masterplan, which will deliver more than 4,800 new homes, more than a third of which will be
affordable, with many available to rent through Quintain’s PRS business, Tipi.
Simon Carter, Finance Director of Quintain said:“We are delighted to have secured the support of three major global financial institutions for a new corporate lending facility which provides the flexibility we need to deliver our plans to build new homes for London.”
Max Sinclair, Head of UK Commercial Real Estate, Wells Fargo said: “Supporting the creation of a living community with PRS at its heart plays to the strengths of Wells Fargo’s multi-family experience in the U.S.”
The refinancing follows approval in May from Brent Council for a new Masterplan for Wembley Park, which aims to make Wembley Park a “thriving London neighbourhood,
with an exciting combination of new homes, iconic venues, great shops, public spaces and workspaces”.
Quintain’s plans will deliver almost half of Brent Council’s target for new homes delivery as well as 1 million sq ft of offices and workspaces which will create the opportunity for more than 7,000 new jobs.
The development also features a significant upgrade to Olympic Way and a new seven‐acre park.
Since first acquiring the site in 2002, Quintain has already invested more than £800 million at Wembley Park to deliver new homes, shops, hotels, public realm and community infrastructure. It now plans to invest a similar amount again over the next five years to accelerate delivery of the project.
So far 1,000 new homes have already been delivered and a further 600 are under construction, including a significant proportion of affordable apartments.
In March 2016, Quintain launched Tipi, which now has 141 homes rented with a further 415 apartments coming to the market in the next two years.