Quintain receives £755m commitment to finalise Wembley Park development
Developer Quintain has received a £755m equity commitment to complete the final stages at its mixed-use Wembley Park development.
The funding is being led by Ares Management Corporation, with Quintain’s owner Lone Star contributing £337m.
Quintain has invested over £2.8bn into the Wembley Park development since its acquisition in 2002, creating a mixed-use neighbourhood with around 5,000 homes, retail and office space, as well as parks and pedestrianised public realm.
James Saunders, CEO of Quintain, said: “Quintain is delighted to have Ares’ backing as a new partner, whilst maintaining our longstanding partnership with Lone Star, to continue to develop the world-class Wembley Park estate which already is home to the largest multifamily/build-to-rent community in the UK.”
James Riddell, co-head of European real estate at Lone Star, added: “This is a significant next step in the evolution of Quintain’s development of Wembley Park under Lone Star’s ownership. Wembley Park is one of the largest build-to-rent schemes in the UK and a great example of ambitious place-making. In Ares, we have found a like-minded partner, and together we look forward to taking this iconic asset to its next exciting phase.”
Stefano Questa, partner and European co-head of Ares Alternative Credit, who will be joining the Quintain board of directors, said: “Lone Star and Quintain have built Wembley Park into one of London’s leading neighbourhoods, delivering a high-quality and sustainable real estate for thousands of residents and millions of visitors. We are excited to partner with their outstanding teams, and to provide significant new capital for Quintain to continue its journey and cement its position as a leader in London’s critically undersupplied residential rental market.”