Wembley set for major funding boost

Wembley’s regeneration could be boosted by an injection of up to £100 million by Malaysia’s largest pension manager.

Malaysia’s Employees Provident Fund has emerged as front runner to fund a new designer outlet in Wembley being developed by Quintain.

Quintain, which last week secured significant backing from Hong Kong billionaire Dr Henry Cheng for its Greenwich Peninsula project, had been searching for an investor to take at least a 50% stake in its London Designer Outlet project at Wembley.

EPF is in advanced talks to fund the development of the scheme. It is thought to have outbid other investors, including property company British Land. But any deal will be weeks away.

The 280,000 square feet retail and leisure scheme will have an end value of around £200 million and will cost at least £90 million to build. It is already more than 40% pre-let with tenants to include Gap, Guess, Nike, Armani, Marks & Spencer and Jamie’s Italian.

EPF has been snapping up London properties in the City and west end after hiring advisors RREEF and CBRE Global Investors to spend more than £1 billion on UK property.

EPF is also stumping up some of the cash for Malaysian property giants SP Setia and Sime Darby’s Battersea Power Station purchase.