Industrial Estate Disposal to Scottish Widows

Quintain Estates & Development PLC
19 November 1999

    QUINTAIN SELLS 18 ACRE CROYDON INDUSTRIAL ESTATE TO SCOTTISH WIDOWS
                              FOR UP TO £28m

Quintain Estates and Development PLC ('Quintain') today announces that it has
sold its freehold interest in the 18 acre Beddington Cross Industrial Estate
for a maximum consideration of £28m cash to Scottish Widows Fund and Life
Assurance Society ('Scottish Widows'). Simultaneously, Quintain has entered
into a development agreement to build out and let the remaining phases of the
280,000 sq ft Croydon industrial estate.

Initially Quintain received £17.5m although this is expected to rise to £19.8m
over the next six months as a major pre-let design and build project becomes
income producing by which time Beddington Cross will be generating secure
annual income of approximately £908,000 from tenants that include: Eagle Star,
Mercury One-2-One and Wates Construction.

Quintain will receive further payments from Scottish Widows over the next two
and half years as the remaining 88,000 sq ft speculative phases of Beddington
Cross are completed in May 2000 and let along with the remainder of the
110,000 sq ft refurbishment phase, part of which is already let.

The company believes that if all the space currently being built and
refurbished is let, Quintain will receive a total of approximately £28m for
Beddington Cross. However, if there are no further lettings on the site then,
under the terms of the sale, Quintain will be paid a total of £23.8m compared
to a 31st March 1999 valuation of £17.1m. The company anticipates it will
invest a further £3m building out the remaining speculative phase at
Beddington Cross.

The 18 acre site, which was acquired by Quintain in 1997 as part of its
takeover of Croydon Land & Estates, forms the largest unbroken industrial
estate on the newly branded Beddington Industrial Park.

Scottish Widows was represented by Holley Blake and Jones Lang LaSalle. Holley
Blake has been retained as letting agent along with Savills and Fuller Peiser.

                                     

Contact:  Nick Shattock, Director, Quintain.               Tel: [phone]
          Baron Phillips, Baron Phillips Associates.       Tel: [phone]