Quintain has sold its 50% interest in the iQ student accommodation joint venture to its partner, Wellcome Trust, which will allow more investment at Wembley.
Wellcome paid £106.4 million for the stake, in line with the 31 March 2014 valuation. and unlocks the Company’s entire investment in the vehicle.
Since realising its investment in Greenwich Peninsula last November, Quintain has begun to recycle capital into its development at Wembley Park. The company say the disposal of the iQ interest will enable Quintain to deliver more homes, more quickly at Wembley Park.
iQ owns a portfolio of 5,183 bedrooms across 13 properties located in nine UK cities.
Maxwell James, Chief Executive of Quintain, commented: “With the future of Quintain firmly fixed on London and iQ achieving strong results across the UK, it is the right time to unlock our substantial investment and recycle it into opportunities aligned to our growth strategy. Specifically, we are increasing the pace of residential delivery at Wembley Park, including an investment in PRS accommodation.”