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Lone Star to buy U.K. property firm for $1.1b

by Andrea Waitrovich

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

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