Major lifeline for Wembley Park developer after huge losses
The developer behind London’s Wembley Park transformation has secured a huge funding boost just months after losses of more than £700m were revealed.
Quintain has completed the refinancing of London Designer Outlet and build-to-rent development Ferrum at the site with a £233.6m loan from Bank of America.
The deal comes after Morning Wire reported in December last year that the company fell to a pre-tax loss of £721.7m in 2023, its most recently published set of accounts.
The loss came after the business reported a pre-tax profit of £139.7m in 2022.
Wembley Park also includes Brent Civic Centre, Troubadour Wembley Park Theatre, Boxpark Wembley, a range of independent retailers as well as 5,176 new homes – 3,651 of which are under Quintain Living management.
London Designer Outlet reported sales of more than £103m in 2024, a five per cent rise compared to 2023.
The Ferrum development comprises 627 homes, completed in phases in 2019 and 2020.
Quintain was represented by DAC Beachcroft and AOS Finance, Mayer Brownacted for Bank of America.
Philip Slavin, chief financial officer at Quintain, said: “Whilst this is not the first facility we have secured from Bank of America, it is certainly our largest and represents an ongoing, positive relationship.
“Ferrum and the LDO are extremely important assets at Wembley Park and two we are particularly proud of.”
Quintain was founded by Adrian Wyatt and Christopher Walls in 1992 and floated on the London Stock Exchange four years later.
Ten years after being set up, Quintain acquired the company which owned the land around Wembley Stadium.
US private equity giant Lone Star snapped up Quintain for £745m in 2015.
In January 2024, US private equity giant KKR acquired two BtR buildings from Quintain for an undisclosed sum.
Alameda and Beton, completed in 2019 and 2020 respectively, comprise 490 BtR units across two buildings and circa 40,000 sq ft of retail and leisure space.