From the Financial Times
Wells Fargo, AIG and Canada Pension Plan Investment Board (CPPIB) three of the biggest global, institutional lenders, have agreed to provide a five-year corporate development facility to Quintain to support the transformation and further development of Wembley Park.
The loan also refinances the existing £425m facility provided by Wells Fargo to support the acquisition of Quintain by Lone Star.
The revolving senior loan, led by Wells Fargo as Agent, and AIG and Wells Fargo as Co-Arrangers, combined with a 36-month availability period under the junior facility, provided by CPPIB, is innovatively structured to offer operational flexibility for Quintain to recycle capital efficiently from non-core assets into the Wembley Park Masterplan.
The refinancing follows approval in May from Brent Council for a new Masterplan for Wembley Park, which aims to transform Wembley Park from a world class events destination into a thriving London neighbourhood, with an exciting combination of new homes, iconic venues, great shops, public spaces and workspaces.
Quintain’s plans will deliver almost half of Brent Council’s target for new homes delivery as well as 1 million sq ft of new, high quality offices and workspaces which will create the opportunity for more than 7,000 new jobs. The development also features a significant upgrade to the famous Olympic Way (known as “Wembley Way” to football fans) and a new seven‐acre park, equivalent in size to four Wembley football pitches.