‘Business as usual’ says chief as Lone Star aborts sale of Wembley Park’s Quintain
- Credit: 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Lone Star has withdrawn Quintain from sale as it has been unable to reach an agreement on its £2.2bn price tag with any bidder.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.
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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.”
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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.