Wembley Park developers Quintain targeted in £700m takeover bid
- Credit: Archant
The regeneration company developing Wembley Park is set to be taken over by an American company for £700million.
American private equity firm Lone Star, through its investment company Bidco, has agreed to buy Quintain, the company responsible for the London Design Outlet and the development of new homes in the North West Village for the mutli-million pound sum.
Shareholders for Quintain have 21 days to vote on the takeover following the announcement.
The cash injection will accelerate Quintain’s development plans in the area, including its new Alto Apartments – 19 floors of contemporary, mid-market homes which will begin construction in September.
Lone Star approached Quintain with an eye to heavily investing in accelerating delivery of its business plan.
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Angus Dodd, of Lone Star Europe Acquisitions LLP, said: “The proposed acquisition represents a unique opportunity for Lone Star to gain further exposure to residential and commercial assets in London.
“Wembley Park is one of the largest and most exciting urban renewal projects in Europe and complements our experience in this segment of the market.
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“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.
“We very much look forward to working with the Quintain team on Wembley and the rest of the portfolio.”
Maxwell James, chief executive of Quintain, said: “The offer from Bidco crystallises value for shareholders at an early stage whilst enabling Quintain’s vision for Wembley Park to be accelerated through the addition of significant financial resources, creating more mainstream homes in the capital more quickly than would otherwise be possible.”