Lone Star to buy U.K. property firm for $1.1b
An investment vehicle indirectly controlled by Lone Star Real Estate Fund IV, managed by Lone Star Funds, has agreed to acquire U.K. property firm Quintain Estates and Development for £700 million ($1.09 billion).
Quintain focuses on real estate investment in the greater London area, with real estate assets under management of £834.6 million ($1.3 billion) and a net asset value of £639.4 million ($1 billion) as of March 31. The firm owns land near Wembley, a U.K. stadium, and is developing an 85-acre site surrounding the stadium. Its large cash reserve is expected to help it accelerate development at Wembley Park.
“The proposed acquisition represents a unique opportunity for Lone Star to gain further exposure to residential and commercial assets in London,” said Angus Dodd, senior managing director, co-head European real estate investments, Lone StarEurope acquisitions, in a statement. “Wembley Park is one of the la