Private equity group ups bid to buy Wembley Park developers Quintain to £745m
PUBLISHED: 09:00 27 September 2015
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A private equity group are a step closer to buying Wembley Park's largest developer for an increased price of more than the initial £700m.
Lone Star has achieved the required 75 per cent of shares to take over developers Quintain.
The equity firm faced being taken over last week after activist hedge fun Elliot Capital Advisors launched a bidding war.
In response Lonestar raised its initial offer to £745m allowing the purchase of more shares which will secure the sale.
The move means Quintain will become a private company which will no longer be listed on the London stock exchange from mid October.
On Wednesday the developer announced it is releasing 700,000 square feet of land to make available four blocks of office space, each eight or nine storeys high, in a new phase of its huge regeneration programme in the area.
Angus Dodd, managing director of Lone Star Management Europe, said: “We intend to contribute significant additional financial resources to help Quintain in its next phase of growth - to accelerate delivery at Wembley Park, building more homes more quickly and continuing the creation of a cohesive and exciting new community.”