Quintain – the developer behind Wembley Park – has completed the refinancing of the company’s existing corporate facility and infrastructure loans. Totalling £780m, the agreement is backed by J.P. Morgan and Cheyne Capital and replaces a previous facility, which was agreed in 2016.
“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, Build to Rent residential assets, the quality of our remaining development land, as well as record levels of Build to Rent 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.”Clare Morgan, Head of Corporate Finance & Treasury, Quintain
Since breaking ground on Wembley Park nearly 20 years ago, Quintain has completed over 5,000 homes and welcomes around 16 million visitors a year.
The company has also invested £2.8bn and continues to grow with two further Build to Rent schemes underway and set to be delivered in 2025, plus a major new public park.
“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.”Arron Taggart, Head of UK Real Estate, Cheyne Capital
This new agreement with J.P. Morgan and Cheyne Capital will support the ongoing development of Wembley Park in the years ahead.
“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 refinancing 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.”Rahul Sule, Head of J.P. Morgan EMEA, APAC Real Estate Finance