Ares Management Corporation (NYSE: ARES) has announced that funds managed by its Alternative Credit strategy have led a £755 million preferred equity commitment in Quintain, the award-winning development and asset management company which owns and manages the iconic 85-acre Wembley Park estate in London. Quintain is owned by funds managed by Lone Star Funds, which will be contributing £337 million to the preferred equity instrument. With over £2.8 billion of investment to date, Quintain has transformed the Wembley Park estate into a premier mixed-use development, with leading retail, modern office space, acres of parks and pedestrianized public realm, and around 5,000 homes.
This capital solution enables Quintain to continue delivering on its development of one of the largest build-to-rent projects in the UK.
Latham & Watkins LLP advised Ares on the transaction with a team led by London corporate partner Neil Ferguson and New York partner Michelle Kelban, with execution and deal support led by London partners Suneel Basson-Bhatoa and Quentin Gwyer, and London counsel Michael Beanland, with associates Calvin Ng, Antonina Semyachkova, Ogo Anochirionye, Beatrice Leung, Caroline Taylor, and Costa Thrasyvoulou. Advice was also provided on tax matters by London partner Karl Mah and Century City/Los Angeles partner Pardis Zomorodi, with associates Aaron Bradley and Nicole Lim; on antitrust matters by Paris partner Adrien Giraud, New York partner Katherine Rocco, and London partner Gregory Bonné, with associates Romain Perrois and Pablo Luongkhan-Garcia; on data and technology matters by London partners Christian McDermott and Deborah Kirk, with associates Elva Cullen and Ami Sodha; on employment matters by London partner Sarah Gadd, with associate Charlie Bowden; on ESG matters by London partner Paul Davies and London counsel Michael Green; and on anti-corruption and trade controls matters by London partners Robert Price and Clare Nida, with associates Thomas Lane, Amaryllis Bernitsa, Georgina Blears, and C.J. Rydberg.
