Quintain, the developer behind Wembley Park, has successfully completed the refinancing of a trophy build-to-rent (BtR) building at Wembley Park with a £128.7 million Natixis CIB green loan.
The loan represents a significant deleverage on the existing facility and refinances out Cheyne Capital, who supported Quintain by providing the original development financing for the construction and remain involved in other financings across Wembley Park.
The Robinson is arranged across three blocks comprising 458 homes including 63 discount market rent and affordable units, ranging from studios to four-bedroom apartments. The development is managed by Quintain’s award-winning management team at Quintain Living. Designed with sharers in mind, the development is in the Eastern Lands at Wembley Park in a prominent position next to the National Stadium and adjacent to Quintain’s Canada Gardens.
Since breaking ground on Wembley Park 20 years ago, Quintain has completed more than 5,000 homes and is working towards creating the largest BtR neighbourhood in the UK, investing £2.9bn to date. This year saw the delivery of a new NHS GP surgery at Wembley Park, the largest GP surgery in the Borough of Brent, further strengthening the community-first mixed use masterplan. Quintain is on track to complete two further BtR schemes in 2025, plus a major new public park.
As a result of being within the top 15% of residential assets in the UK in terms of energy efficiency (as expressed in kWhPED/m²) The Robinson also qualifies for Natixis CIB Green Loan status. Achieving this status demonstrates that Quintain’s sustainability actions and commitments are financially viable and contributions are creating value for lenders.
Quintain was represented by A&O Shearman and BCLP acted for Natixis CIB.
Philip Slavin, Chief Financial Officer at Quintain Ltd, commented:
“We’re delighted to have secured a new lending facility with our partners, Natixis CIB. The Robinson is an exemplar, stabilised BtR development at Wembley Park and its position within one of London’s most recognised new neighbourhoods has enabled us to achieve competitive terms for this refinance. This reflects both the sector and the neighbourhood’s desirability in real estate lending. We are particularly delighted to achieve green loan status with Natixis CIB and be recognised for our ongoing commitment to sustainable development. The new facility consolidates our existing debt exposure and strengthens our balance sheet to ensure a stable platform for ongoing excellence at our Wembley Park site.”
Diego Sanfilippo, Head of Real Estate & Hospitality UK, at Natixis Corporate & Investment Banking, added:
“We are pleased to have partnered with Quintain in the green financing of The Robinson in Wembley Park, an environmentally friendly BTR property with strong long-term ESG fundamentals.
This deal showcases both our firm commitment to support our clients and our proven expertise in delivering tailored solutions for high-quality assets in prime locations and clearly represents a stepping-stone to our Real Estate lending franchise in UK.”
John Coburn, partner at A&O Shearman, commented:
“The team at A&O Shearman are delighted to advise Quintain on their latest financing for the Robinson in Wembley Park. We have been fortunate to have worked with Quintain on a variety of successful projects such as this. We take immense pride in acting for clients who are known to be best in their class, and we look forward to continuing to collaborate with and support Quintain on their future endeavours.”
Naveen Vijh., partner at BCLP, commented:
“BCLP are delighted to have advised Natixis on this important green financing to Quintain for one of the most exciting projects in London. We are proud to have advised Natixis on this project which is another milestone in their continued growth in the UK Real Estate Finance market.”
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