Quintain secures new lending facility from JP Morgan and Cheyne Capital

Wembley Park developer Quintain has secured a £780m facility from JP Morgan and Cheyne Capital to refinance its existing corporate facility and infrastructure loans.

The new agreement replaces a previous facility which was agreed in 2016.

Since breaking ground on Wembley Park nearly 20 years ago, Quintain has completed more than 5,000 homes, invested £2.8bn, and continues to grow with two further BTR schemes underway — which are on track to be delivered in 2025 — plus a major new public park.

The facility will support the ongoing development of Wembley Park in the years ahead.

Clare Morgan, head of corporate finance and treasury at Quintain, commented: “This new facility consolidates our existing debt exposure and strengthens our balance sheet to ensure a stable platform for ongoing excellence at our Wembley Park site.

“The terms of the [agreement] reflect our attractive portfolio of BTR residential assets, the quality of our remaining development land and levels of BTR leasing activity over the past 18 months.

“With two new buildings moving forward at great pace, we are well into our next phase of development at Wembley Park and look forward to working with our partners to deliver our plans [to] take us to the next level.”

Rahul Sule, head of EMEA and APAC real estate finance at J.P. Morgan, added: “It’s exciting to team up with Quintain and Cheyne Capital on this landmark transaction.

“The size and complexity of the [facility] could not have been addressed without Quintain’s operational expertise and track record in managing the Wembley Park project against an unprecedented market backdrop.”

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