Search

‘Business as usual’ says chief as Lone Star aborts sale of Wembley Park’s Quintain

PUBLISHED: 14:46 12 September 2018 | UPDATED: 14:54 12 September 2018

Quintain's ongoing regeneration of Wembley Park (Picture: Google)

Quintain's ongoing regeneration of Wembley Park (Picture: Google)

Archant

An American equity firm has aborted the sale of Wembley Park’s regeneration giant three years after buying it.

Lone Star has withdrawn Quintain from sale as it has been unable to reach an agreement on its £2.2bn price tag with any bidder.

Dallas-based Lone Star bought the UK property giant for £700million in 2015.

The cash injection accelerated Quintain’s development plans for Wembley Park where it dominates the property market.

It spent the past few weeks locked in negotiations with the leading bidder, a consortium that includes Qatari Diar, Oxford Properties and APG led by UK property giant Delancey, which owns a major rented development in East London.

A spokesperson for Lone Star said: “Following a review of options at Quintain, we have taken the decision to conclude recent discussions around a sale.

“Quintain is a unique, well-funded asset, and has Lone Star’s full support and commitment as it progresses its plans.”

Last week Quintain announced it is building Europe’s first multi-storey coach parking complex at Wembley Park.

Between now and 2022 it is expected that a further £1.8 billion will be invested at Wembley Park as Quintain develops around one million square feet of office and workspace and a further 6,000 homes, across a broad range of tenures, the company said.

Angus Dodd, former Lone Star real estate chief who took over as Quintain’s chief exec in 2016, said: “Quintain remains focused on the delivery of more than 7,500 new homes at Wembley Park, of which over a third are affordable and the majority are for rent.

“The scheme is one of the UK’s most iconic mixed-use development projects and is already one of the most dynamic and interesting areas to live and work in London.

“With Lone Star’s ongoing support, Quintain and Tipi have a clear strategy to be one of a small number of dominant market leaders in the UK’s build-to-rent sector.

“It’s business as usual and we are committed to delivering Wembley Park’s full potential as well as investing in Quintain’s future.”

This evening Brent Council’s planning committee will decide on Quintain’s planning application to demolish the Wembley Stadium pedway as part of ongoing development work in Wembley Park.

Latest Kilburn & Brent News Stories

Police in Brent have London’s second worst average response time to 999 calls, new figures reveal.

A man and woman gunned down in a double shooting in Harlesden are in a stable condition in hospital.

A small charity in Kensal Green has received funding to offer free computer classes to pensioners.

Yesterday, 13:54

Caribbean families flooded into a Willesden church to pay their respects for fallen soldiers who sacrificed their lives in both World Wars.

Lucy Casey has been sentenced to life imprisonment for the “unbelievably brutal attack” that killed Hannah Leonard.

Yesterday, 12:58

A band of ex-Gurkhas from Wembley’s Nepalese community led Sunday’s parade to Barham Park war memorial, where a civic service of remembrance took place paying tribute to military personnel killed in conflict over the past century.

Yesterday, 12:06

A Cricklewood charity has teamed up with a football club to launch an initiative so that people who dread Christmas don’t feel so isolated.

Yesterday, 11:19

It’s a hidden part of British history, but to a community it’s a chapter that means a great deal.

PROMOTED CONTENT

A new community centre, The Yellow, opens in Wembley Park in the heart of the Brent community. From October 1, the hub will offer a selection of arts and fitness classes, many of which will be free.

The Granville has begun taking bookings for workspaces and events ahead of its opening this spring.

Brent Clinical Commissioning Group has announced changes to the community’s cardiology service.

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now

Newsletter Sign Up

Kilburn Times twice-weekly newsletter
Sign up to receive our regular email newsletter

Our Privacy Policy

Most Read Kilburn News

Show Job Lists

Digital Edition

cover

Enjoy the
Brent & Kilburn Times
e-edition today

Subscribe

Education and Training

cover

Read the
Education and Training
e-edition today

Read Now