Quintain seeks Wembley tie-up

Regeneration specialist Quintain Estates today said it was in talks with Arab investors about selling a stake in its Wembley City project.

Deputy chief executive Nick Shattock said the firm was also open to offloading a stake in the company itself as it battles the credit crunch and falling property values.

"We are talking to UAE investors Bahrain and Dubai," said Shattock at a conference in Dubai. "We are looking to market a stake in Wembley, which is as much as 50%, to a long-term strategic partner.

"We are aware that anybody interested in a scheme the size of Wembley would also like to acquire a strategic stake in Quintain stock. If asked, we would be open to such a scenario."

The most recent valuations show the Wembley City project, which includes homes and leisure facilities on 85 acres around Wembley Stadium, was worth £620 million at the end of March.

However, analysts reckon it has lost £100 million of its value since then.