LONDON (CelebrityAccess) — US-based private equity firm Lone Star Funds is making a $1.09 billion bid on London real estate developer Quintain Estates & Development PLC, who own the land around Wembley Stadium.
According to the Wall Street Journal, Lone Star offered 131 pence a share for Quintain, which represents a 22.4% premium on its closing price Tuesday, pushing the value of the company to its highest level in more than 7 years.
Quintain has been developing the neighborhood around Wembley Stadium into a mixed-use retail-residential complex, though, much of the area remains undeveloped. The WSJ reports that Lone Star hopes to use its capital to speed up the pace of the area's redevelopment.
“The proposed acquisition represents a unique opportunity for Lone Star to gain further exposure to residential and commercial assets in London,” said Angus Dodd, managing director at Lone Star Europe. – Staff Writers