Shares in Wembley-focused property developer Quintain Estates (QED) jumped 23 per cent to 132p on the announcement of a recommended cash offer from private equity firm Lone Star Real Estate Fund.
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The offer is worth 131p per share, which values Quintain at around £700m, and represents a 22.4 per cent premium over the price before the offer. Over the last 3 years, Quintain has been transformed by a new management team, disposing of non-core assets and significantly reducing net debt. The jewel in Quintain's crown is Wembley Park, where it has been busy transforming a previously run-down area relatively close to central London into an attractive residential development.
