Quintain Estates and Development has bought the 5.2 hectare Wembley Retail Park in London for EUR 122 mln, extending its ownership at Wembley to 34.4 hectares. The park, currently under redevelopment, was purchased from The Junction Ltd Partnership, a retail-park fund managed by Capital and Regional. Quintain said it will fund the acquisition from its existing corporate facilities.

Quintain Estates and Development has bought the 5.2 hectare Wembley Retail Park in London for EUR 122 mln, extending its ownership at Wembley to 34.4 hectares. The park, currently under redevelopment, was purchased from The Junction Ltd Partnership, a retail-park fund managed by Capital and Regional. Quintain said it will fund the acquisition from its existing corporate facilities.

Current retail tenants include Wickes, Halfords, Comet and MFI; complementary uses include office suites, restaurants and industrial buildings. Alongside 21,000 m2 of buildings there is parking for 440 cars. The site yields an annual rent of around EUR 4.4 mln.

Last month the UK property investment and development company was granted planning permission for a 57,000 m2 mixed-use building at Wembley. The ten-storey complex, due for completion sometime in 2010, will provide 'a dynamic fusion of retail, entertainment and living,' said Nick Shattock, Quintain’s deputy chief executive. Commenting on the recent purchase of the retail park he added: 'This acquisition allows us to create multiple active management opportunities which, when considered with our other current retail holdings at Wembley, only Quintain can exploit. We also have the opportunity to considerably raise the profile of the park and potentially take the industrial elements into mixed use or residential.'