Quintain seeks new Wembley partner

london designer outletQuintain has said in its financial statement that it is looking for a new funding partner to develop out the London Designer Outlet.

In the half-year results, Qunitain Estates said it has ended talks with the current partner, after the partner failed to deliver part of the proposed financing structure and will launch a formal market look for a new partner in the new year.

Adrian Wyatt, chief executive, said: “We took the view that we should cease the negotiations as the letting programme was getting better and stronger… and we felt that we would be better served going to the market.”

Recently, Quintain secured Nike and Gap as anchor tenants at LDO.

Separately, Quintain has been granted oultine planning approval this week for the Palace of Arts & Industry site on Engineers Way in Wembley. The consent covers demolition of the existing buildings and the construction of a mixed-use development to provide up to 25,000 sqm of business space, a 361 bedroom Hilton Hotel, 520 homes, around 3,000 sqm of community space, 5,000 sqm of leisure and entertainment space, and a 660 bedroom student accommodation facility.

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