Quintain to lease Wembley building for £14.5m

10th Jun 2011 08:08

Property developer Quintain Estate has entered into a forward commitment with Keystone to develop student accommodation in Wembley in exchange for a total consideration of £14.5m.Keystone will purchase a long leasehold interest of 251 years in the land located in Wembley City, adjacent to Wembley Stadium, on which Quintain will build a 660-bed development.Quintain will receive a further payment of £38.5m from Keystone as part of a separate development agreement, following the practical completion of the building which is expected to be in the summer of 2012."This is great news for Wembley City and also marks the early achievement of one of our key milestones in the current financial year," said Adrian Wyatt, Quintain's chief executive officer. "Through this agreement we have not only retained an interest in the site and the management of the asset, but also demonstrated that Wembley City offers attractive opportunities for investors, at a price which supports our underlying land value assumptions."---BC