Wembley Park developer Quintain has secured ‘one of the largest refinancing deals in the UK so far this year’.
The £780 million agreement with J.P. Morgan and Cheyne Capital is for its existing corporate facility and infrastructure loans, and replaces a previous facility agreed in 2016.
“We’re delighted to have secured a new lending facility with our partners, J.P. Morgan and Cheyne Capital,” said Clare Morgan, head of corporate finance & treasury at Quintain. “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.”
Adding: “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.”
Quintain has delivered more than 5,000 homes at Wembley Park since breaking ground nearly 20 years ago.
The developer has invested £2.8 billion and has two further Build-to-Rent (BTR) schemes underway and on track to be delivered in 2025, plus a major new public park.
Wates, McLaren, Sisk, and McAleer & Rushe are the four main contractors at Wembley Park.
Key suppliers in procurement have included Samsung, Kohler, Marshalls, Ruckus, and John Lewis & Partners.
“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,” said Arron Taggart, head of UK real estate at Cheyne Capital.
The new agreement will support the ongoing development of Wembley Park for years to come, said Quintain.
Rahul Sule, head of J.P. Morgan EMEA, APAC real estate finance, added: “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.”
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