Out-Law / Your Daily Need-To-Know

Quintain forms joint venture for Wembley Park housing scheme

Out-Law News | 14 Apr 2014 | 2:28 pm |

Developer Quintain has formed a 50:50 joint venture with Swiss private equity firm Keystone Developers for its 475-home scheme at Wembley Park in north west London.

The scheme is the second phase of Quintain's wider 5,000-home development at Wembley Park. It includes the construction of seven buildings to comprise the new homes, of which 143 will be for private rent. The London Borough of Brent granted planning permission for phase two in December.

Under the terms of the partnership, the joint venture will pay Quintain £32.2 million for the building plot and further associated infrastructure. Quintain will own 50% of the equity in the joint venture and receive cash proceeds in phases.

“This 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," said Quintain chief executive Maxwell James in a statement.

"We are pleased to be undertaking this development with Keystone, a partner with whom we have previously worked at Wembley Park with great success,” he added.