Lone Star’s UK property developer Quintain has secured financing from three major global financial institutions to support the future of Wembley Park in these uncertain times.
CPPIB (Canada Pension Plan Investment Board) will provide £240 million mezzanine debt, which is:
Debt that a borrower in financial difficulty will repay after senior debt, but before it repays other lenders and shareholders
The other two institutions involved are Wells Fargo and AIG, who will provide the remaining debt through a revolving senior loan.
Geoff Souter, managing director and head of private real estate debt at CPPIB, said:
“We are pleased to support Quintain and Lone Star in the work they are doing to redevelop the area surrounding Wembley Stadium into one of London’s most exciting destinations to live, shop and work.
Simon Carter, finance director of Quintain, said:
“We are delighted to have secured the support of three major global financial institutions for a new corporate lending facility, which provides the flexibility we need to deliver our plans to build new homes for London,”
This support follows the recent approval from Brent Council to transform Wembley Park from a world-class events destination into a thriving London neighbourhood, CPPIB subsidiary to invest in London’s Wembley Park