Lone Star's £3bn sale of Quintain (developer of Wembley Park) shelved

Published on UK Homesearch LINK

US private equity group Lone Star has shelved the £3bn sale of its UK residential property company Quintain, blaming the worsening coronavirus situation. 

Formal bids for Quintain, which owns the Wembley Park development site, were due to be submitted later this month with the company expected to fetch about £3bn, said a person briefed on the deal.

A sale at that price would make the deal the largest ever in the UK’s rented housing sector. But the sales process was aborted after a dramatic spike in coronavirus cases prompted a third national lockdown.

“Lone Star has decided to terminate discussions because it’s crazy trying to do this deal now with the backdrop of Covid. It’s a huge asset, with a lot of financing involved,” said the person briefed on the deal.

The end of the sales process was first reported by React news. 

The 85-acre Wembley Park site in north-west London has planning permission for 8,000 rental homes, with 1,500 of those already built. As well as paying for the existing properties and the land, prospective buyers of Quintain would need to fund any further development on the site.

The company had attracted interest from three bidders: German fund manager Patrizia; Li Ka-shing-backed investment manager Long Harbour; and a consortium of investors behind Get Living, another major rental housing developer which owns the former Olympic Village in east London, said two people with knowledge of the process. 

But Lone Star pulled the deal after deciding it might complete a smoother transaction and for a better price once the pandemic had eased, said a banker advising one of the prospective bidders.

The banker said: “January 2021 is not the ideal time to execute a £3bn transaction in London which is based on a bunch of assumptions about [who will rent] homes, the future of retail and when Wembley Stadium might reopen. There are a raft of things which it would be difficult for a lender or an investor to take a view on . . . I can completely see why they would wait for a brighter day.”

It is the second time in a little over two years that the private equity firm has had a potential sale fade as it neared the finish line. In 2018, Lone Star came close to a sale to Get Living’s backers — Delancey, Oxford Properties, Qatari Diar and the Dutch pension fund APG — but the parties could not agree on a price. 

Lone Star, which took Quintain private in 2015 for £1bn including debt, will now continue to invest in the estate, developing the remainder of the planned apartments.

“Lone Star looks forward to continuing to work with the Quintain team to deliver on the next development phase for Wembley Park — with an another 850 units already under construction,” said the company.

 

Brent Climate Emergency Strategy - Zoom meeting for residents with a disability, January 13th 5-6.30pm

 From Brent Council Climate Emergency Strategy Team

 Brent Council is holding a virtual workshop to discuss its draft Climate Emergency Strategy. This event is being held specifically for residents with a disability, their carer(s) or a representative from an organisation that supports people with disabilities and/or carers. Below is the invitation to the workshop, which has also been sent out via the Disability Forum. Please send this on to anyone you feel may wish to attend:

Brent Council is working on a plan to tackle climate change in Brent. Climate change is happening because the planet is being damaged. This plan will be called the ‘Climate Emergency Strategy’.

Brent Council are currently asking all residents what they think of the plan. Brent Council also want to ask if anyone has any ideas about what else the council could do about climate change. This draft plan is being put into easy read.

Brent Council has arranged a Zoom meeting to discuss the draft plan. This meeting will be called a workshop. It will take place on:

Wednesday 13th January 5pm – 6.30pm on Zoom.

The easy read plan and a Zoom link to the meeting will be sent around before the workshop for those that would like to attend.

Please send an email to climateemergency@brent.gov.uk if you would like to receive the easy read plan and attend the Zoom workshop. 

Also if you would like to join the Brent Climate Emergency Planning Group and get involved in shaping Brent's approach to the Climate Emergency, you can sign up here:  https://www.mutualgain.org/brent-climate-emergency-planning-group-registration-form/

Coronavirus (COVID-19) latest numbers in London

 From the Mayor of London

Last updated:  Wednesday 6 January at 9am

On 5 January 2021 the daily number of new people tested positive for COVID-19 in London was reported as 14,700. The total number of COVID-19 cases reported up to 5 January 2021 in London is 438,497.

In the most recent week of complete data, 25 December 2020 - 31 December 2020, 87,045 people tested positive in London, a rate of 971 cases per 100,000 population. This compares with 74,967 cases and a rate of 836 for the previous week.

For England as a whole there were 547 cases per 100,000 population for the week ending 31 December 2020.

On 4 January 2021 there were 6,733 COVID-19 patients in London hospitals. This compares with 4,957 patients on 28 December 2020.

On 4 January 2021 there were 814 COVID-19 patients in mechanical ventilation beds in London hospitals. This compares with 556 patients on 28 December 2020.

On 5 January 2021 it was announced that 120 people had died in London hospitals following a positive test for COVID-19. The total number of people who have died following a positive test for COVID-19 in London hospitals up to 5 January 2021 is 8,766.

BBC announce curriculum-based learning on CBBC, BBC 2, Red Button & BBC iplayer from Monday January 11th

 

Following pressure on social media over the weekend, as the focus moved to children unable to access on-line learning durign school closures, the BBC has announced a programme of curriculum based learning.

The BBC announcement

Reacting quickly to the news of UK schools moving to remote learning, the new offer from the BBC will ensure all children can access curriculum-based learning, even if they don’t have access to the internet.

Starting on Monday 11 January, each week day on CBBC will see a three-hour block of primary school programming from 9am, including BBC Live Lessons and BBC Bitesize Daily, as well as other educational programming such as Our School and Celebrity Supply Teacher and much loved titles such as Horrible Histories, Art Ninja and Operation Ouch.

BBC Two will cater for secondary students with programming to support the GCSE curriculum, with a least two hours of content each weekday.

Content will be built around Bitesize Daily secondary shows, complemented by Shakespeare and classic drama adaptations alongside science, history and factual titles from the BBC’s award-winning factual programming units.

Bitesize Daily primary and secondary will also air every day on BBC Red Button as well as episodes being available on demand on BBC iPlayer.

Tim Davie, BBC Director General, says: “Ensuring children across the UK have the opportunity to continue to follow the appropriate core parts of their nation’s school curriculum has been a key priority for the BBC throughout this past year.

“Education is absolutely vital - the BBC is here to play its part and I’m delighted that we have been able to bring this to audiences so swiftly.”

This TV offer sits alongside a wealth of online content which parents, children and teachers can access when and where they need it:

• For primary, BBC Bitesize online has an expanded offer of structured lessons in Maths and English for all year groups - these can be used at home or in the classroom. ‘This Term’s Topics’ also covers other curriculum subjects and curates learning content that works for the Spring curriculum. This content can be easily incorporated into a learning plan or used to explore different topics at home. Visit bbc.co.uk/bitesize, click on the year group and subject and all the content is there.

• For secondary pupils, Bitesize is also home to two-week learning packs for English and Maths in KS3 (years 7, 8 and 9) as well as This Term’s Topics for other subjects to be used at home or to support teachers in the remote classrooms.

• For students in Years 10 and 11, the Bitesize GCSE offer allows students to pick their exam board and subject to find everything they need to help with their studies. Visit bbc.co.uk/bitesize/secondary for details.

Oliver Dowden, Secretary of State for Digital, Culture, Media and Sport, says: “The BBC has helped the nation through some of the toughest moments of the last century, and for the next few weeks it will help our children learn whilst we stay home, protect the NHS and save lives.

“This will be a lifeline to parents and I welcome the BBC playing its part.”

Educational content for all nations will also be available.

UPDATED with Cllr Georgiou's reply - Asda responds to complaints that their Wembley store is not Covid safe

 

Cllr Anton Georgiou has received a response to his complaint that its Wembley store is not safe in terms of enforcing Covid safety measures such as mask wearing and social distancing. Cllr Georgiou said that the store was putting its customer and staff at significant risk. LINK

I leave readers to decide whether the answer is satisfactory and will publish any reply that Cllr Georgiou passes on to Wembley Matters,

 

Hello Councillor Georgiou

 

Thank you for speaking with me on New Years Eve, I hope you were able to celebrate the new year safely.

 

Since the start of the crisis, our highest priority has been keeping our customers and colleagues as safe as possible in line with the latest Government guidance.

 

All colleagues were encouraged to wear face coverings when in our stores and were provided with masks. With the new update all colleagues will be wearing a face covering, who are able to do so. 

 

We have also implemented Marshals at the entry to our stores to offer face masks for customers to use if they have forgotten theirs and they are also monitoring the volume of customers entering our stores to ensure the volume of customers entering the store is not near the maximum total.

 

By asking colleagues to confront members of the public who are not wearing a face covering, it can lead to situations where they are subject to verbal and physical abuse. We have a responsibility to protect the welfare of our colleagues, so encourage them to intervene only when they feel it is safe to do so.

 

I should emphasise we are continuing to maintain our other social distancing measures, including limiting the number of customers in store (well below the usual occupancy level) and having regular reminders on the need to maintain distance. This is done via extensive signage and colleagues wearing t-shirts emphasising the need to distance. There is also hand sanitiser and disinfectant available to all customers. Our social distancing measures are monitored by store leadership and our regional compliance teams. If government guidance changes, we are able to adapt quickly to it.

 

We have put in place increased cleaning protocols, further reduced the customer limits and have supported our vulnerable colleagues by moving them to roles in the store with less customer contact.

 

I have also raised yours and your constituents concerns to the General Store Manager to ensure customers are abiding to the guidelines, whilst in our stores and any abusive behaviour from customers will not be tolerated.

 

If there is anything in the future I can assist with, please feel free to contact me directly. 

 

Many Thanks and Stay Safe

 

Elliott

 

Asda Executive Relations

 

Today (January 7th), Cllr Georgiou replied:

Whilst I am pleased to read about the safety measures that are supposedly in place at present, I am unconvinced these are being strictly followed in the Wembley store, hence my initial complaint to you. Following my report and posting on social media about the experience I had in the store, several Brent residents have responded to outline similar concerns and worries. The latest being yesterday.

 

In our phone call, I requested that you outline what specific changes Asda will be making to guarantee safety for customers and staff at the Wembley store. Could you please let me know what changes you plan to make, as I fear that the current strategy simply is not working.

 

I look forward to hearing from you. Keep safe.

 

Anton

 

Cllr Anton Georgiou

Liberal Democrat Councillor, Alperton

New youth provision for Wembley at York House car park site now new primary school no longer needed?

 

The York House car park, Empire Way

Next week's Brent Cabinet will consider  moves to establish an Onside Youth Zone centre at the York House car park site in Wembley.

 

The site was earmarked for a new primary school, the Ark Somerville, but the project has been dropped by the Department for Education for the present, due to falling school rolls in the area.

 

The DfE would need to be released from its obligation to Quintain to provide the school under Section 106 and could then sell the site on the open market or directly to Brent Council.

 

The officers report LINK describes what happens at Onside Youth Zones:

 

Youth Zones provide “somewhere to go, something to do and someone to talk to” and aim to be safe, supportive and affordable places where young people can spend their free time constructively. Targeting young people aged 8-19, and up to 25 with additional needs, Youth Zones provide large-scale multi-activity facilities which typically include multi-use 3G pitches, indoor sports hall, climbing wall, gym, music, dance and performing arts facilities and café, along with flexible spaces that can respond to young people’s changing needs and preferences.

 

Given the size of the site some of that provision would not be possible but it would still be a facility that would help make up for some of the youth provision cut by Brent Council. 

 

As Brent Youth Centres  were cut for financial reasons it is worth looking at where the Council  now expect funding to come from:

Running costs

SCIL = Strategic Community Infrastructure Levy

MTFS = Medium Term Financial Strategy

The charity Onside Youth runs a centre in nearby Barnet. You can read about it HERE
 

Martin Redston: Why one law for SNP's Margaret Ferrier and another for Tories' Dominic Cummings over Covid breaches?

Local resident Martin Redston, despite setbacks in the courts, is continuing his battle to hold Dominic Cummings to account over his breach of Covid restrictions last year. It was a breach  that many see as the catalyst for the public's loss of confidence in government advice and the subsequent increase in contagion.

In the latest message to supporters Redstone says:

Well what a surprise, Margaret Ferrier,  MP for the SNP is going to be prosecuted  LINK  whilst Dominic Cummings, Private Citizen protected by Prime Minister Johnson is going to get away with his lockdown breach escape to Durham scot free! 

When we wrote to the Metropolitan Police back in August they responded with the letter enclosed below.  In particular in para's 2 and 3 they state:

....I can confirm that an assessment has been made of all the information available and there will be no Metropolitan Police investigation at this time. 

Where the Metropolitan Police Service (‘MPS’) receives allegations of breaches of the Health Protection (Coronavirus, Restrictions)(England) Regulations 2020, the MPS focuses on those that are live or ongoing where police action can enable a change to behaviour that is posing a current public health risk.   

So what exactly is the difference in dealing with the way that Police forces deal with these two high profile public figures? 

We can't give up now.

 

A few days ago Martin Redston, who has raised £46,000 for his court action LINK.  sent an update to supporters of his action outlining the present situation:

We have received notification from the Appeal Court that they have not granted me permission to proceed. I enclose the ruling for reference. Having discussed this with our legal team, who have researched the subject, we can only concede that there seems to be no further formal proceeding we can take to persuade the DPP to take action along with the Metropolitan Police.

In the ruling, the Judge, Lord Justice Dingemans decided this was not a case to allow the appeal because there has now been referral to the Metropolitan police to request an investigation that may provide an alternate remedy for the rule of law. We must hope the Met conducts a thorough investigation now on the movements in London when Cummings commenced his journey and, indeed before that time when he visited his office whilst likely to be infected; and does not suffer the same failings of the report by Durham Police which found an offence in Durham but failed to refer that offence to the DPP. If following the Met investigation no action is taken then a possible challenge to that will fall to be considered. However I am pleased that the court accepted jurisdiction which is important for other cases and a small but significant gain and the rule of law point was recognised    

I am now consulting with my legal team about possible ways forward, the challenge for an ordinary citizen to take action against a miscreant bearing in mind that the Covid emergency legislation seems to preclude this pathway.

Much of Public opinion and the Press is still accusing Cummings of breaking the trust of the public and undermining good governance. Even now after all these months it is reported that  200 British skiers in Verbiers scarpered in the night to avoid quarantine as ordered by Swiss authorities. But it remains that no action has been taken by the authorities over Cummings' main breach at the start in London which has set the tone ......not just his action and public mea culpa, but the turning of a blind eye by the key police authority and public prosecutor.

I am now consulting with my legal team about possible ways forward, the challenge for an ordinary citizen to take action against a miscreant bearing in mind that the Covid emergency legislation seems to preclude this pathway.   

We are not giving up just yet. Any ideas that you may have will be gratefully received, especially if you feel that you have been affected by Cummings' actions back in March..

Safe schools support grows: two on-line meetings tonight