The owner of the land around Wembley stadium, including the Arena, is to be sold to a US-based investment firm for around US$1.1bn (£700mln).
London landowner Quintain (LON:QED) has agreed to be taken over by Lone Star real estate for 131p per share, a 22% premium on yesterday’s close.
Angus Dodd of Lone Star said: “The proposed acquisition represents a unique opportunity for Lone Star to gain further exposure to residential and commercial assets in London.”
Lone Star pledged to “contribute significant additional financial resources to help Quintain in its next phase of growth.”
Quintain has built shops, restaurants, bars and around 5,500 homes in the area.
It has been selling-off assets to focus on its London portfolio, and said the offer “crystallises value for shareholders.”
William Rucker, chairman, said the offer “enables our shareholders to accelerate and de-risk the realisation of value and recognises the transformation of Quintain over the last six years.”