Investment group pumps £172m into build-to-rent scheme
Cheyne Capital has backed Quintain’s Wembley Park build-to-rent development with a second round of financing worth £172.5m.
The latest investment injection will support the development of three blocks being built in what is called the Eastern Lands quarter, featuring 458 homes and space for coaches and cars, which is being part funded by Homes England.
The blocks, to be built by John Sisk, will range in height from 10 to 21 storeys and once completed will be run by Quintain’s residential management arm, Tipi.
A quarter of the homes are specifically designed for families, with 115 three and four-bed apartments.
Cheyne Capital previously ploughed £106m into the 85-acre Wembley Park scheme, and the new funding would take the aggregate number of residential units under construction at Wembley Park back to more than 3,000, according to Angus Dodd, Quintain’s chief executive.
Dodd said: “Cheyne is an existing funder of the business on other phases under construction and we are delighted that it is continuing its support through co-funding the next development in the pipeline.
“The funding structure is bespoke for build-to-rent and was executed in a highly efficient manner, demonstrating Cheyne’s expertise in this area,” he added.
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