£700m Quintain bid puts Wembley in Texans’ sights

Lone Star agreed to buy Quintain Estates Plc for 131 pence a share, which values the United Kingdom property company at about 700 million pounds ($1.09 billion).

The British property firm owns the land around Wembley Stadium, where it is building 5,500 homes over the next decade, along with shops and restaurants. It pledged to contribute “significant additional financial resources” to help Quintain build “more homes more quickly” at Wembley. A Hilton hotel, outlet centre and cinema have already opened. The developer is trying to get planning permission for the 43 acres on the Eastern Lands at Wembley Park. The bid is about 22 percent higher than Tuesday’s closing share price.

“Since 2012, Quintain has undergone a major transformation which has seen the business dispose of non-core assets, progressively rebalance the business to focus on London and materially de-gear the balance sheet, creating a strong platform for growth”, said Quintain CEO Maxwell James.

Angus Dodd of Lone Star said: “The proposed acquisition represents a unique opportunity for Lone Star to gain further exposure to residential and commercial assets in London”. (QED.L) announced that they have reached agreement on the terms of a recommended cash offer for Quintain by Bidco, an investment vehicle indirectly controlled by Lone Star Real Estate Fund IV, pursuant to which Bidco will acquire the entire issued and to be issued ordinary share capital of Quintain.