Nationwide demonstrates support for commercial property sector

Nationwide Building Society's Commercial division is announcing the completion of a £9.55 million deal with SeQuel, a joint venture partnership between Quintain and other third party investors.

The funding will be used to assist SeQuel in its purchase of Stadium Retail Park, a 38,000 square feet retail property located within Wembley City.

Quintain is a leading UK property company that develops, invests in and manages property assets across the UK.

Wembley City is a new 6.25 million square feet development that will create a landmark retail, residential and leisure complex around Wembley Stadium.  The Wembley City scheme is a flagship project for Quintain.

Rebecca Worthington, Finance Director at Quintain, said:  "We're delighted to have worked with Nationwide again and build on the relationship that we have developed over the last 18 months.  Nationwide offers a first class customer service and delivers on time which is the key to the success of any deal."

Bryce Glover, Nationwide Commercial's Divisional Director, said: "Wembley City is a fantastic new development.  Given the scheme's proximity to the iconic Wembley Stadium, it's certainly a well-known scheme and one with which we're delighted to be involved.  The team has worked hard to build up a solid relationship with Quintain and we look forward to writing further business.  Nationwide has remained committed to supporting the commercial property sector and that certainly hasn't waivered despite the tough economic climate."

This transaction was led by Nationwide Commercial's business development manager, Julie Giddings.