Yahoo Finance Property firm Quintain secures £150m loan to build new Wembley rental homes
Property developer Quintain has secured a £150.9 million loan from Goldman Sachs to build hundreds of rental homes moments from Wembley stadium, the Evening Standard can reveal.
Quintain, which owns 85 acres at Wembley Park and has been creating shops, offices and homes there, wants to build thousands of professionally run rental apartments.
The firm, owned by US private equity group Lone Star, wants to meet rising demand by Londoners finding it tough to get on the housing ladder.
The financing deal from the Wall Street banking giant will be used towards 396 new homes being created by May 2022.
Just under a third will be affordable rented housing, and all of them will be operated by Quintain’s residential brand Tipi. The brand aims to create high-quality flats filled with John Lewis furniture and provide tenants with free on-site gyms.
Tipi has 1200 homes at Wembley Park and that is planned to rise to 5000 by 2027.
James Saunders, chief executive of Quintain, said: “Many Londoners simply cannot afford the deposit to buy a new home, so a professionally managed rental service is a fundamental part of the mix of new homes being delivered in the capital.”
Goldman Sachs has lent over £250 million to the UK build-to-rent sector over the past 12 months.
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