Quintain has successfully completed a £172.5m financing package with Cheyne Capital to support the development of the next phase of its development programme at Wembley Park. The funding will support the development of the latest block in its Eastern Lands quarter, consisting of 458 homes and includes a multi-storey coach and car park that is being part funded by Homes England.
Angus Dodd, Chief Executive at Quintain said: “Cheyne is an existing funder of the business on other phases under construction and we are delighted that it is continuing its support through co-funding the next development in the pipeline. The funding structure is bespoke for Build to Rent (BtR) and was executed in a highly efficient manner, demonstrating Cheyne’s expertise in this area. The funding will take the aggregate number of residential units under construction at Wembley Park back to over 3,000. These homes are on track to be delivered in phases over the next two years and will all be managed by Tipi.”
Arron Taggart at Cheyne Capital said: “The Quintain loan demonstrates Cheyne’s continued ability to provide large development loan solutions to high quality projects such as Wembley Park and support borrowers of the calibre of Quintain. The Wembley Park project is a complex and innovative example of how the London landscape continues to improve and change from large scale redevelopment such as this, and we are delighted to be able to play a part in that journey.”
The latest plot on the Eastern Lands is called E05 and comprises 458 homes across three blocks, ranging in height from 10-21 storeys. The homes are being delivered entirely for rent, including discount market rent and London living rent, all of which will be managed by Tipi, Quintain’s lifestyle-focused rental brand. Also at E05 is 83,000 sq ft of innovative amenity space in the form of podium-level private landscaped gardens, roof terraces and a resident’s lounge. The contractor for this project will be John Sisk & Son.
The news comes as Quintain also announces the appointment of Richard MacDowel to the role of Group Treasurer. Richard joined from the real estate lending team at Lloyds Bank, where he was Head of Major Private Groups. Working alongside Cath Webster, Executive Director of Strategy & Investment, he will have responsibility, among other things, for the group’s relationship with external debt funders. Richard said: “I join at an important time for the business, as it further develops the Wembley Park project. The Build to Rent funding market in the UK is still nascent, and it is exciting to be a part of the team that is at the sector’s vanguard and looking to establish new funding templates.”