Quintain has sold its Wembley student accomodation site to Keystone for a total of £53m.
Quintain Estates & Development says it has entered into a forward commitment with Keystone, a Swiss based real estate development company, for the development of the 660-bed student accommodation at Wembley City on a plot of land adjacent to Wembley Stadium.
Keystone will purchase a long leasehold interest in the land for £14.5m. Keystone will make a further payment totalling £38.5m to Quintain, following practical completion of the building, which is expected to be in the summer of 2012. Quintain has an agreement with University of Westminster for the use of the accomodation.
Separately, Real Partners S.A. has agreed to buy five self-contained three-bedroom flats which form part of the development for £1.5m.
Commenting, Adrian Wyatt, Quintain’s CEO said “This is great news for Wembley City and also marks the early achievement of one of our key milestones in the current financial year.”
“Furthermore, by bringing a substantial number of people to live at the scheme it will add to the growing vibrancy around Wembley City and support our other commercial activities in the area.”