US private equity firm Lone Star has reportedly hired financial advisers to explore a sale of UK property developer Quintain in a move aimed at reducing its UK exposure ahead of Brexit.
According to a news report by the Financial Times, Lone Star could raise over £3 bn (€3.4 bn) from the sale of the UK property developer, which it took over in 2015 and took private shortly thereafter.
Eastdil and Credit Suisse are advising on the process, which could also end up with a partial sale of the business.
Quintain’s largest project is an 85-acre development around Wembley Stadium in northwest London, where it has outline planning permission for 8.8 million sq ft (817,000 m2) of retail and residential accommodation. The development is planned for completion by 2024, with 3,000 of the rental homes ready by 2020.
Quintain would be the second British asset Lone Star has looked to offload following the sale late last year of the Jurys Inn Irish hotel chain to Swedish firm Pandox for £800 mln.
