Deal with Keystone will fund 362-home scheme
Developer Quintain has signed a joint venture with Swiss investor Keystone to fund the construction of its 362-home Alto residential scheme at Wembley Park.
The 50:50 deal is the second joint venture between the duo and follows their partnership for the 475-home Emerald Gardens development, also at Wembley.
Designed by architect Flanagan Lawrence, Alto is 19 storeys at its highest point and comprises two buildings on either side of a courtyard garden.
Quintain said the deal with Keystone would see it retain 120 of the development’s properties for its private-rental sector operations.
Chief executive Maxwell James said Emerald Gardens had enabled the firm to accelerate its delivery of homes at Wembley Park and that the latest venture would build on its success.
“We are delighted to now be joint venturing a second plot with Keystone, further accelerating residential delivery into a supply-constrained market, increasing our emerging PRS business by 80% and enabling Quintain to maximise return on equity,” he said.
Quintain said it expected Alto’s first phase to complete in 2017.