Quintain and US multinational investment bank JP Morgan have signed a £277m financing deal to develop two build-to-rent schemes in Wembley Park’s North East Lands neighbourhood.
North East Lands will deliver 769 of the 2,000 new homes planned for the area, as well as local shops, cafés and restaurants overlooking the new seven-acre Union Park.
The financing deal, finalised this week, marks Quintain’s largest ever development loan.
Quintain started demolition and enabling works on the North East Lands site in January and this week signed a £227m fixed-price construction contract with John Sisk & Son to complete the two buildings.
The buildings will add 665 BTR homes to Quintain Living’s portfolio of 3,624 homes already under management and marks the start of the next phase of development at Wembley Park.
Quintain has reached occupancy of just over 97% across its BTR portfolio. The portfolio of nine residential developments at Quintain’s 85-acre Wembley Park estate has now reached a 99.5% leasing level.
James Saunders, chief executive of Quintain, said “This deal with JP Morgan is yet another sign of the financing market’s confidence in Quintain and our product in a time of economic uncertainty elsewhere in the market. We are delivering another 769 homes at Wembley Park, along with Union Park, at the right time and at the right cost.”
Rahul Sule, co-head of JP Morgan EMEA and APAC Real Estate Finance, said: “Quintain’s track record in delivering and managing market-leading BTR products in London was one of the key reasons driving our interest in this transaction. In addition to the BTR apartments, we are happy to help Quintain deliver a combination of shared ownership, affordable rent and discount market rent apartments.
“This transaction, against a backdrop of heightened market volatility and inflationary trends, highlights our commitment and capabilities in the European construction finance sector.”
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