The Financial Times LINK is reporting that the US private investment firm Lone Star that acquired Quintain in 2015 LINK is looking to off-load the Wembley developer to reduce its exposure to the London property market ahead of Brexit.
Lone Star acquired Quintain for about £1bn, including debt, in 2015 and the sale may raise more than £3bn.
The change of ownership last time produced accelerated, denser and higher development as well as the switch to the country's largest private 'build to rent scheme.
Who knows what the next owner will do with Wembley and whether the Labour Brent Council will continue its close relationship with them.
A spokesperson for Quintain told Wembley Matters this afternoon:
Lone Star is exploring options to introduce a new strategic investor into the ownership of Quintain. It is likely that any new investor will acquire all or part of Lone Star’s shareholding and make available new long term capital for the next phases of the development of Wembley Park. This process is in its early stages. If a transaction does go ahead, and there is no certainty that one will, it is simply an “equity reshuffle” amongst the top shareholding base and will have no impact on the management team, strategy or day to day running of the company.
Interesting, but incorrect, conclusion.
Lone Star have played a 'blinder' here. The Elvin Gardens development is reeking with problems but was among the last to be build to sell.
Now the new developments are build to rent, with every sq ft of Wembley covered in Quintain, Lone Star will be able to eject and make a packet from it. The Build to Rents will form part of the asset pool for Quintain, which means they will start being sold off very shortly, as Tipi becomes a less attractive option.
Good to see that serving the needs of the local community will be at the heart of all that they do, though innit.
Well no surprises here then. As usual a 360 degree turn. Wembley Park will eventually become the biggest social housing scheme to be off loaded to a local authority, just like Chalkhill.
Tipi was never going to be sustainable.
Affordable they are definitely not.
Well it was predicted they would become just like the project's in Chigcago and we all know how that turned out. LMFAO. You heard it hear first.
Nuff respect to Wembleymatters blogspot it was predicted and now becomes a reality.
No suprises then. I blogged on this very site when the marketing and PR machine went into overdrive, stating that these High Rise apartment buildings were reminiscent of Chicago's high rise back in the day. Quintain named them Montana, Dakota, and species of Tree's not indigenous to the UK. So now that Texas Lone Star have bailed what will become of this sprawling concrete jungle? I think it might well befall the same fate as the old chalkhill which was built for private housing. Perhaps it will go the same way! and become the biggest Social Housing development ever to be passed to a local authority.
How, I'm sure, thus will be such great and happy news to the hard pressed taxpayers of Wembley. Oh look you've been screwed to put money into the pockets of wealthy American Investors who don't care a toss about them. Doesn't it make you feel good.
Perhaps we should hear from Quintain's best friend, Mo Butt.
He has consistently praised the company and showed it his unwavering support. Let's see how he deals with this mess.
Post a Comment