Quintain, the developer behind Wembley Park, has completed the refinancing of the company’s existing corporate facility and infrastructure loans.
The new agreement, totalling £780 mln (€905 mln), is backed by J.P. Morgan and Cheyne Capital and replaces a previous facility, which was agreed in 2016.
Since breaking ground on Wembley Park nearly 20 years ago, Quintain has completed more than 5,000 homes, invested £2.8 bn and continues to grow with two further Build to Rent schemes underway and on track to be delivered in 2025, plus a major new public park.
The new agreement with J.P. Morgan and Cheyne Capital will support the ongoing development of Wembley Park in the years ahead.
Clare Morgan, head of Corporate Finance & Treasury at Quintain, commented: 'The terms of this new facility reflect our attractive portfolio of stabilised, high quality, Built to Rent residential assets, the quality of our remaining development land, as well as record levels of BtR leasing activity over the past 18 months.'
Rahul Sule, head of J.P. Morgan EMEA, APAC Real Estate Finance, commented: '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 J.P. 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, concluded: '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.'
