Quintain, the developer behind Wembley Park, has successfully completed the refinancing of fast-growing outlet centre London Designer Outlet (LDO) and leading build-to-rent (BtR) development ‘Ferrum’, both at Wembley Park, with a £233.6 million loan from Bank of America.
LDO sits at the heart of Wembley Park, close to the National Stadium and serves a footfall of 16.4 million people per year. As well as serving the residents and office workers based at Wembley Park, LDO attracts shoppers from across London alongside international visitors keen to enjoy the offer value and competitive price points its brands provide. As one of only a few outlet centres in Europe that blends retail, F&B, leisure and events in a walkable, urban setting, LDO reported over £103m of sales in 2024, up 5% on 2023. Last year’s strong sales growth was helped by LDO reporting its strongest Black Friday and Boxing Day on record with sales increasing by 12% and 10% respectively, including almost £1m of sales on Boxing Day alone.
Managed by Multi-Realm – the UK's specialist outlet operator – LDO’s brands reflect London’s young and diverse cosmopolitan population offering 265,000 sq ft of retail and leisure space, comprised of 70 outlet stores, restaurants, and coffee shops including leading brands such as Nike, adidas, Tommy Hilfiger, French Connection, Rituals, Nando’s, Las Iguanas and Wagamama. Over the past 12 months LDO secured 11 new lettings and relocations totalling 15,759 sq ft including the arrival of French Connection and Rituals as well as first outlet stores for Miniso and Abaci. 2025 is expected to see more new brands arrive at LDO as they look to capitalise on the high footfall anticipated for 2025 thanks to Wembley Stadium’s bumper 2025 events calendar.
The Ferrum development comprises 627 Build to Rent homes, completed in phases in 2019 and 2020, and is inspired by New York warehouse, loft-style apartments. Ferrum is managed by Quintain’s award-winning management team, Quintain Living. Ferrum is part of a four-block scheme close to White Horse Square with its rapid links to Marylebone station and the LDO, with access to its cinema and wide range of shops and restaurants.
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. Last year saw the delivery of a new NHS GP surgery at Wembley Park, the largest GP surgery in the borough. Quintain is on track to complete two further BtR schemes in 2025, plus a major new public park.
Quintain was represented by DAC Beachcroft and AOS Finance, Mayer Brown acted for Bank of America.
Philip Slavin, Chief Financial Officer at Quintain Ltd, commented:
‘’Whilst this is not the first facility we have secured from Bank of America, it is certainly our largest and represents an ongoing, positive relationship. Ferrum and the LDO are extremely important assets at Wembley Park and two we are particularly proud of.”
-ENDS-
For more information please contact: Harriet Pask
[email protected]
Images of Ferrum:
https://chriswinter.dphoto.com/album/9ea43v
Images of LDO :
https://chriswinter.dphoto.com/album/65d88v
