Wembley Park developer loses over £700m
The company behind the transformation of Wembley Park in London lost more than £700m during its latest financial year, it has been revealed.
Quintain has reported a pre-tax loss of £721.7m for 2023, delayed accounts just filed with Companies House show.
The loss comes after the business reported a pre-tax profit of £139.7m in 2022.
The accounts also show that the firm’s revenue rose from £110m to £123.5m over the same period.
The results have just been filed with Companies House, months after the deadline of 30 September.
Wembley Park includes the London Designer Outlet, Brent Civic Centre, Troubadour Wembley Park Theatre, Boxpark Wembley, a range of independent retailers as well as 5,176 new homes – 3651 of which are under Quintain Living management.
At the end of 2023, 769 homes were under construction – with completion expected in early 2025.
In September last year, the company completed the refinancing of its existing corporate facility and infrastructure loans.
The agreement, for £780m, is backed by JP Morgan and Cheyenne Capital and replaced the previous facility which had been signed in 2016.
When the Wembley Park project is complete, more than 8,500 homes will have been created, a third of which will be classed as affordable.
There will also be 633,000 sq ft of offices and retail space, creating more than 8,640 jobs.
Wembley Park owner has ‘clear business plan’
In a statement signed off by the board, Quintain said: “The group has a clear business plan, objectives and an agreed strategy and there have been a number of major events and milestones achieved in the period to December 2023 which have contributed significantly towards achieving those objectives.”
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.
The results come after Quintain completed the refinancing of a build-to-rent (BtR) building at Wembley Park with a £128.7m Natixis CIB green loan.
The Robinson is arranged across three blocks comprising 458 homes including 63 discount market rent and affordable units, ranging from studios to four-bedroom apartments.
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.