Quintain seeks new partner for Wembley designer mall project

QUINTAIN Estates has ended talks with a potential joint venture funding partner to develop and run its London Designer Outlet at its £2.5bn Wembley scheme.

In its half-year results, the regeneration specialist said talks had ended after the partner failed to deliver part of the proposed financing structure and will launch a formal market process in the new year.

Adrian Wyatt, chief executive, said: “We took the view that we should cease the negotiations as the letting programme was getting better and stronger... and we felt that we would be better served going to the market.”

Quintain said it has secured Nike and Gap as its anchor tenants at the mall. Meanwhile, at its Greenwich project, the firm said it is moving ahead with the building of 1,300 homes at Peninsula Quay.

The group swung back into the black in the six months to September posting a pre-tax profit of £3.7m compared with a £58.8m loss a year ago.