Lone Star to buy UK property firm Quintain

London

US private equity firm Lone Star has agreed to buy British property firm Quintain Estates and Development for £700 million (S$1.5 billion) to gain one of London's few remaining large-scale development opportunities.

The cash bid of 131 pence a share is about 22 per cent above Quintain's closing price on Tuesday and gives Lone Star access to a large area of undeveloped land around London's Wembley Stadium.