Saturday 1 October 2016

Lone Star buys London builder in property push

Ross Larsen

Published 30/07/2015 | 02:30

In Ireland, Lone Star has been a major buyer of mortgages, business debt and property loans. Photo: PA
In Ireland, Lone Star has been a major buyer of mortgages, business debt and property loans. Photo: PA

Lone Star Funds raised its bet on new housing in London with the purchase of Quintain Estates & Development, a developer with plans to build about 5,000 homes in the UK capital over the next decade.

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The Dallas-based private equity firm will pay 131 pence a share in cash for Quintain, according to a statement yesterday. That's about 22pc more than Tuesday's closing price and values the company at about £700m (€993m).

In Ireland, Lone Star has been a major buyer of mortgages, business debt and property loans, including from the liquidators of IBRC, the former Anglo Irish Bank.

Lone Star has also bought hundreds of millions of euro of loans from AIB and Nama, and even picked up a lending licence when it acquired the Start Mortgages business last year.

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