Wembley Park project

Wembley developer secures £800m facility

Quintain has announced that it has agreed a new £800m corporate development facility for its Wembley Park project.

The news follows the property developer’s acquisition by Lone Star Real Estate Fund IV in September last year.

The facility – provided by Wells Fargo, AIG and Canada Pension Plan Investment Board (CPPIB) over a five-year period – will be used to transform Wembley Park.

The loan will also refinance Quintain’s current £425m facility, which was provided by Wells Fargo to support the acquisition by Lone Star.

Quintain’s Wembley Park development will create more than 4,800 new homes, more than a third of which will be affordable.

“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,” said Simon Carter, finance director of Quintain.

Max Sinclair, head of UK commercial real estate at Wells Fargo, said arranging the new longer-term facility marked the next phase in its support for Quintain.

“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 US.”

Tom Fewings, managing director and head of commercial real estate finance at AIG, added: “This is a fantastic project with an excellent sponsor in Lone Star & Quintain and follows on from other large-scale London re-development projects that AIG has recently financed.”

So far, 1,000 new homes have already been built, with a further 600 under construction, as well as a new London Designer Outlet shopping centre, which opened in 2013.

Geoff Souter, managing director and head of private real estate debt at CPPIB, concluded: “We are pleased to support Quintain and Lone Star in the work they are doing to redevelop the area surrounding Wembley Stadium into one of London’s most exciting destinations to live, shop and work.

“This investment fits well with our strategy of providing customised, large-scale funding solutions to borrowers with high-quality, underlying real estate assets."

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