Quintain to re-market London Designer Outlet investments
Published: 29 November, 2011
Part-sale deal collapses as investment partner fails to raise finance
Quintain Estates & Development is to re-market a stake in its Londopn Designer outlet at Wembley following the collapse of an earlier deal. The news comes hot on the heels of a string of letting announcements at the scheme.
In a Stock Exchange announcement announcing a profit before tax £3.7m for the year to 30 September 2001 (compared with a 2010 loss of £58.8m) chief executive Adrian Wyatt said: “Marketing of space within the London Designer Outlet continues to yield positive results. To date, contracts regarding 39 per cent of the base rent have been exchanged or are in solicitors’ hands and negotiations are advanced on a further 6 per cent of rental income.
“Following the successful leasing of the food and beverage units, the focus has been on lettings to anchor retail brands and Nike and Gap are now both confirmed as anchor tenants. Negotiations with Marks & Spencer for the biggest unit within the scheme are advanced and, with 45 per cent of the scheme now allocated, we are entering the next phase of pre-leasing, with an emphasis on designer, fashion and lifestyle brands.”
And he added: “A deal with a potential funding partner to build the LDO was in advanced negotiation. However, our counterparty was unable to deliver part of the proposed financing structure so we have now terminated the exclusivity period. With the strengthened rent roll we will launch formal marketing of the scheme in the New Year and are now undertaking groundworks on the site, targeting a completion date in the autumn of 2013.”
