Quintain secures Swiss real estate backer for next phase of Wembley Park scheme
Quintain has inked a deal with a Swiss real estate investment fund Keystone to progess the next 475-home phase of its 5,000-home Wembley Park regeneration scheme in north London.
Quintain and Keystone have launched a 50:50 joint venture firm to buy a 2.2 acre plot from Quintain for 拢32.2m, where it will build 475 homes across seven buildings.
Two of the sevene buildings comprising 143 homes will be built and operated by Quintain in the private rented sector.
Quintain said the transaction with Keystone would 鈥渟upport the creation at Wembley Park of more homes, more quickly鈥�.
Maxwell James, chief executive of Quintain, said: 鈥淭his joint venture unlocks value for shareholders from our largest London asset, paving the way for the delivery of more new homes at Wembley into a supply-constrained London housing market.
鈥淪trategically, this deal enables us to establish a sustainable development programme for Wembley Park whilst recycling capital into our growing London investment portfolio, with the objective of creating superior returns for our shareholders.鈥�
鈥淲e are pleased to be undertaking this development with Keystone, a partner with whom we have previously worked at Wembley Park with great success.鈥�
Giorgio Laurenti, chairman of Keystone Group, commented: 鈥淲e are delighted to join forces with Quintain once again at Wembley Park.
鈥淲e first cemented our partnership through the successful acquisition of the Wembley student accommodation building in 2011 and are pleased to continue investing in Wembley as the area regenerates into an increasingly vibrant location.鈥�
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