29th Apr 2015 08:50
LONDON (Alliance News) - Quintain Estates & Development PLC on Wednesday said it has struck a second joint venture deal with Keystone Group Holding AG for a residential development at the Wembley Park site in north west London.
Quintain and Keystone, a Swiss property and private equity group, have paid GBP19 million to acquire the site for the Alto residential development, with a further GBP8 million spend agreed for infrastructure costs.
The deal will add a further 120 homes to Quintain's private rental sector business.
"Our first residential joint venture with Keystone for the development of Emerald Gardens enabled us to accelerate our delivery of high quality homes at Wembley Park. We are delighted to now be joint venturing a second plot with Keystone, further accelerating residential delivery into a supply-constrained market, increasing our emerging PRS business by 80% and enabling Quintain to maximise return on equity," said Chief Executive Maxwell James.
Shares in Quintain were up 1.0% to 95.94 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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