Quintain has completed the £780m refinancing of its Wembley Park development with JP Morgan and Cheyne Capital.
The new agreement replaces a previous facility agreed in 2016 and will support the ongoing development of Wembley Park in the years ahead.
Clare Morgan, head of corporate finance and treasury at Quintain, said: “We’re delighted to have secured a new lending facility with our partners JP 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 [BTR] 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 JP 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 JP Morgan EMEA, APAC real estate finance, added: “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 JP 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, said: “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.”
