From Quintain website (present and future buildings) £2.7bn+ has been invested in the site
Quintain Press Release yesterday:
Quintain, the developer behind Wembley Park, announces that it has completed the refinancing of the company’s existing corporate facility and infrastructure loans. The new agreement, totalling £780m, is backed by J.P. Morgan and Cheyne Capital and replaces a previous facility, which was agreed in 2016.
Since breaking ground on Wembley Park nearly 20 years ago, Quintain has completed more than 5,000 homes, invested £2.8bn and continues to grow with two further Build to Rent schemes underway and on track to be delivered in 2025, plus a major new public park. The new agreement with J.P. Morgan and Cheyne Capital will support the ongoing development of Wembley Park in the years ahead.
Clare Morgan, Head of Corporate Finance & Treasury at Quintain, commented:
We’re delighted to have secured a new lending facility with our partners, J.P. Morgan and Cheyne Capital. The new facility consolidates our existing debt exposure and strengthens our balance sheet to ensure a stable platform for ongoing excellence at our Wembley Park site.
The terms of this new facility reflect our attractive portfolio of stabilised, high quality, Built to Rent residential assets, the quality of our remaining development land, as well as record levels of BtR leasing activity over the past 18 months. Our retail leasing is also going from strength to strength with London Designer Outlet breaking monthly year-on-year trading records for nine consecutive months as we celebrate the tenth anniversary of the outlet centre.
We’re looking forward to working together with our partners at J.P. Morgan and Cheyne Capital to deliver our plans and take Quintain to the next level. With two significant new buildings moving forward at great pace, we are well into our next phase of development at Wembley Park.
Rahul Sule, Head of J.P. Morgan EMEA, APAC Real Estate Finance, commented:
It’s exciting to team up with Quintain and Cheyne Capital on this landmark transaction. The size and complexity of the transaction could not have been addressed without Quintain’s operational expertise and best-in-class track record in managing the Wembley Park project against an unprecedented market backdrop. This is one of the largest refinancings executed in the UK so far this year and highlights J.P. Morgan’s deep expertise in executing large transactions involving multiple parties while providing execution certainty in volatile capital markets.
Arron Taggart, Head of UK Real Estate at Cheyne Capital, concluded:
We are thrilled to continue our partnership with Quintain and to be part of the innovative Wembley Park project which has undoubtedly had a positive impact on London’s housing supply. We have been involved in funding Wembley Park for a number of years now and continue to be impressed by the vision, delivery and quality of the project. Quintain has created a product and community that has been both accretive to the London townscape and will be a lasting legacy – they should be very proud of that achievement.
5 comments:
Everyone is able to make their own mind up on this dystopian development, obviously I have.
I am at a loss to see "the new Major Public Park" in the midst of all these new buildings for rent, but are they trying to pull the wool over our eyes and still banging on about the puny 6.2 acres, half of which is finished and consists of some water features, a bit of real grass and a plastic grass Dog Toilet, and claim that this is the NEW PARK?
Please Quintain enlighten me.
"a major new public park" only half completed with a road running right the way through it and surrounded by Tower blocks 😞
We must question the priorities of the Labour here. While developers like Quintain celebrate these financial maneuvers and the growth of luxury residential properties, it raises concerns about the social implications. The focus on high-quality Built to Rent properties and retail leasing often means increased rents and property prices, which has lead to gentrification and the displacement of working-class communities. Meanwhle, how many people actually live in these buildings despite the properties being sold?
The involvement of financial giants like J.P. Morgan in this refinancing deal highlights the influence of capitalist interests in such developments. These large financial institutions aim to maximise their profits, which can clash with the interests of the ordinary people who still live and work in these areas. I like many other locals must be honest and emphasise that we miss wembley market. What is there for us here?
This announcement underscores the capitalist nature of property development and the collaboration between private corporations and financial institutions, which often leads to wealth accumulation for the few at the expense of the many. Once upon a time there was a labour leader who was against that sort of thing. Cllr Butt and Dawn Butler even turned up at momentum meetings in support or him. Yet they remain silence as he is excluded from the labour party.
B~ent
Post a Comment