Property Acquisition

Quintain Estates & Development PLC
07 April 2003

7 April 2003



         Quintain Estates and Development plc ('Quintain' / 'Company')



                  QUINTAIN PURCHASE PALACE OF INDUSTRIES SITE

                      TO CONSOLIDATE WEMBLEY LAND HOLDINGS



The board of Quintain is pleased to announce that it has acquired the Palace of
Industries building and site in Wembley for a total consideration of £17
million, payable in two instalments.  The first payment of £12 million is
payable on purchase and the second, of £5 million, will be paid on 31 March
2008.



The Grade II listed building comprises 370,000 sq ft of warehousing space, of
which 80% is leased, with the remainder in solicitors' hands.  The current
rental income from the property is £1.1 million per annum and the Board's view
of the current annual ERV is circa £1.5 million.



The 10.7 acre Palace of Industries site is immediately adjacent to the 44 acre
site acquired by Quintain as a result of its purchase of Wembley (London)
Limited in August 2002.



Through its involvement in Wembley and the Greenwich Peninsula, Quintain now has
interests in 245.5 acres of land identified as 'Opportunity Areas' in the Mayor
of London's Draft London Plan, published in June 2002.



Nick Shattock, Quintain's Property Director, commented:



'Acquiring this income producing site consolidates our ability to provide a
comprehensive regeneration of the Wembley area. It also underlines our strategy
of balancing income with planning potential.'





For further information, please contact:



Quintain

Rebecca Worthington

Tel: [phone]



Financial Dynamics

Stephanie Highett/Dido Laurimore

Tel: [phone]





Notes - Quintain's holdings in Wembley



•        The 10.7 acre Palace of Industries site is located adjacent to the
Wembley site purchased by Quintain in August 2002, which comprises 44 acres
including the Wembley Arena, Conference and Exhibition Halls, as well as the
157,000 sq ft Elvin House office building, a bingo hall, a multi-storey car park
and recording studios.  The total area owned by Quintain is now expanded to 54.7
acres.



•        The Wembley site is served by Wembley Park (Jubilee and Metropolitan)
and Wembley Central (Bakerloo) underground stations and Wembley Stadium
overground station (Chiltern Lines to Marylebone).






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