Quintain secures £150m to build more Wembley homes
Property developer Quintain is planning to build almost 400 new homes in Wembley after completing a £150m financing deal with Goldman Sachs.
The funding will allow Quintain to construct 398 rental homes across three new buildings in Wembley Park, next to the Boxpark site.
The development – due to be completed by May 2022 – will include 177 affordable homes that will be managed by Quintain’s rental brand Tipi.
Quintain said the build to rent development will range from seven to 21 storeys, and will feature retail space, a GP surgery and a childrens’ play area.
Quintain chief executive James Saunders said: “Completing our latest funding round with Goldman Sachs marks a fantastic start to 2020.
“Their teams’ understanding of the Build to Rent market and adaptability has enabled us to secure a financing structure tailored to our specific needs.
“The funding will continue the transformation of Wembley Park as we head into one of the most exciting years year with Euro 2020 and the launch of the London Borough of Culture over the coming months”.
Goldman Sachs’ Chris Semones added: “This transaction continues our originate-to-hold strategy for large loans against high quality projects with excellent sponsorship.”
The backing from Goldman Sachs marks Quintain’s third successful financing deal over the last 12 months, with a total of £438.5m secured since March 2019.