UK: Quintain has secured a £755 million preferred equity commitment which will enable it to develop the final phases of Wembley Park, in north-west London.
The deal was led by funds from Ares Management Corporation, and Quintain’s owner Lone Star will also contribute £337 million to the preferred equity instrument.
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 as part of the transaction, 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.”
Quintain has also raised funds over the last year by selling some of the BTR assets at Wembley Park. In November 2023 it sold three BTR buildings to Goldman Sachs, followed by the sale of two further assets to KKR in January this year.
