LONDON—Quintain Estates & Development said Wednesday it would accept a GBP700-million offer from Lone Star Funds to take the developer private. The all-cash deal for 131 pence per share, equivalent to approximately US$1.1 billion, represents a 22% premium over Quintain's share price at the close of trading on Tuesday. Dallas-based Lone Star is acquiring Quintain through its fourth real estate fund, which closed at $5.8 billion this past April.
In a regulatory filing with the London Stock Exchange, Quintain notes that it operates through three synergistic businesses: residential sales, residential investment and commercial investment. Two of those businesses are centered on Quintain's redevelopment of London's Wembley Park, which includes plans to build an additional 5,000 homes there.
"Since 2012, Quintain has undergone a major transformation which has seen the business dispose of non-core assets, progressively rebalance the business to focus on London and materially de-gear the balance sheet, creating a strong platform for growth,” says chief executive Maxwell James. Lone Star's buyout offer “crystallizes value for shareholders at an early stage,” while also enabling Quintain's vision for Wembley Park “to be accelerated through the addition of significant financial resources, creating more mainstream homes in the capital more quickly than would otherwise be possible.”
JPMorgan Cazenove and Lazard advised Quintain on the offer. Lone Star was advised by Morgan Stanley.
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