Quintain inks deal for 475 Wembley homes

Quintain has inked a deal with a Swiss real estate investment fund Keystone to progess the next 475-home phase of its 5,000-home Wembley Park regeneration scheme in north London.

Quintain and Keystone have launched a 50:50 joint venture firm to buy a 2.2 acre plot from Quintain for £32.2m, where it will build 475 homes across seven buildings.

Two of the sevene buildings comprising 143 homes will be built and operated by Quintain in the private rented sector.

Quintain said the transaction with Keystone would “support the creation at Wembley Park of more homes, more quickly”.

Maxwell James, chief executive of Quintain, said: “This joint venture unlocks value for shareholders from our largest London asset, paving the way for the delivery of more new homes at Wembley into a supply-constrained London housing market.

“Strategically, this deal enables us to establish a sustainable development programme for Wembley Park whilst recycling capital into our growing London investment portfolio, with the objective of creating superior returns for our shareholders.”

“We are pleased to be undertaking this development with Keystone, a partner with whom we have previously worked at Wembley Park with great success.”

Giorgio Laurenti, chairman of Keystone Group, commented: “We are delighted to join forces with Quintain once again at Wembley Park.

“We first cemented our partnership through the successful acquisition of the Wembley student accommodation building in 2011 and are pleased to continue investing in Wembley as the area regenerates into an increasingly vibrant location.”