Business
Announces Hilton London Wembley joint venture
Announces Hilton London Wembley joint venture.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 2830B Quintain Estates & Development PLC 02 April 2013 \n \n\n \n\n2 April 2013\n \n \nQuintain Estates and Development PLC\n(\"Quintain\" / \"Company\" / \"Group\")\n \n \nQuintain announces Hilton London Wembley hotel joint venture\n2012/13 disposals programme realises total of £185 million\n \nQuintain today announces the sale of a 50% interest in the 361 bedroom, four star Hilton London Wembley Hotel to OCM Wembley Holdings Sarl, a company owned by funds managed by Oaktree Capital Management L.P. (\"Oaktree\").\n \nQuintain's gross proceeds from the transaction are £30.1 million, which is in line with the valuation at 30 September 2012 for a 50% interest in the property. Under the terms of the transaction, Oaktree will receive a preferred return, with Quintain receiving an increasing share of the income stream once the preferred return has been paid. The new Hotel, which opened in July, sits at the heart of Quintain's wider Wembley regeneration scheme. The Company expects to benefit from this income stream from the beginning of the 2014/15 financial year.\n \nIt is the intention of the partners to introduce non-recourse senior debt to the joint venture in due course to re-finance part of their equity investment.\n \nIn addition to this transaction, in the final quarter of Quintain's financial year a series of disposals has been completed. These include: seven retail units at Greenwich Peninsula for £4.9 million; an office building in Guernsey for £7.0 million; and, as reported in the third quarter Interim Management statement, a portfolio of 34 residential units at Wembley for £7.5 million on deferred terms. These transactions bring the total amount realised from disposals and capital recycling during the financial year to approximately £185 million.\n \nThe Hilton London Wembley is next to the iconic Wembley Stadium and Wembley Arena and 45 minutes from London Heathrow. It is adjacent to the London Designer Outlet (\"LDO\") which will open later this year. The LDO will be the only shopping mall of its kind within Greater London and enjoys the most affluent catchment of any outlet centre in the UK. Its 1,800-seat cinema, 85 shops and 15 bars and restaurants will attract shoppers from the local area, across London and international visitors to the c...