Quintain and Living PlanIT An

RNS Number : 6989W

Quintain Estates & Development PLC

24 November 2010

 



24 November 2010

Quintain Estates & Development plc

("Quintain" / "Company" / "Group")

Quintain and Living PlanIT Announce Landmark Deal

Quintain Estates and Development plc has entered into a framework agreement to supply real estate consultancy to Living PlanIT SA ("Living PlanIT"), the urban technology specialist with the right to develop a 1,700 hectare city at Paredes in Northern Portugal.

Quintain's fee will be 3.5% of construction costs, with a minimum payment of Euros 12 million for each of the first two years, from 1 January 2011.

Quintain's core business is the development of new communities, and this agreement leverages the existing skill set within the Group to create a material new income stream in line with the key strategic objective of returning the Group to a cashflow positive status. The agreement sees Quintain appointed a Platinum Partner of Living PlanIT alongside global brands such as Cisco Systems, BuroHappold, and McLaren Electronic Systems.

Living PlanIT enables the development of intelligent and sustainable urban-scale environments, using a new approach to design, construction, operation and maintenance. These enable faster, cheaper and higher quality developments while significantly reducing impact on the environment through the reduction of energy, water and waste. Its first scheme at Paredes, PlanIT Valley, is endorsed by the Portuguese Government, and awarded Project of National Importance designation.

Its real estate platforms are technology-enabled, ensuring that the resulting development benefits from increasingly efficient city management and secures significant sustainable economic growth.

Cisco intends to create its first global innovation centre for sensor networks at PlanIT Valley and demonstrate its "Smart and Connected Communities" vision and technologies at urban scale. Construction of the first phase will begin in the first quarter of 2011.

Adrian Wyatt, Chief Executive of Quintain, commented: "This agreement capitalises on Quintain's core skills and expertise in its natural marketplace of urban development. For our partners, it delivers the real estate capabilities necessary to translate the model into real cities.

"There are two immediate benefits for Quintain: the generation of substantial revenue with no equity requirement from the Company; and unique exposure for our development team to new approaches and technology that can profitably be introduced at Wembley City and Greenwich Peninsula, our major schemes in London."

Living PlanIT was co-founded by Steve Lewis, formerly General Manager of Market Development at Microsoft Corp. He said: "Cities occupy 2% of the Earth's land mass but consume 75% of its resources. World urbanization and population growth (increasing from 50% of mankind currently living in cities to 69% by 2050 according to the United Nations World Urbanization Prospects 2007 Revision) demands an accelerating urgency to change the way that buildings, infrastructure and cities are built and operated.

"Our existing Platinum Partners have been working on the technology behind PlanIT Valley for two years and we are now in a position to bring this to fruition, creating a new blueprint for sustainable development that we aim to support worldwide through our technologies. Quintain's innovative development expertise will enable us to work with a partner truly in touch with the imperatives that are critical to smart and connected urban development. Quintain are one of a select few developers in the world that have the ability to execute, and are determined to deliver increased value to shareholders while being sincere custodians of our environment."

Quintain will announce its half year results on Friday 26 November 2010.

For further information, please contact:

Quintain Estates & Development plc

Rebecca Worthington / Cressida Curtis

Tel:       [phone]

Financial Dynamics

Stephanie Highett / Dido Laurimore / Laurence Jones

Tel:       [phone]

About Living PlanIT

Living PlanIT S.A. is a technology company enabling the development of connected, innovative, intelligent sustainable urban-scale environments. The company brings together people, industry and educational institutions to create innovation cities where emerging technologies are developed, perfected and experienced. Information about Living PlanIT can be found at www.livingplanit.com

Cisco announcement: http://living-planit.com/pr_cisco.htm

Living PlanIT

Shaie Selzer

Tel:       [phone]

Email:   [e-mail]

Kreab Gavin Anderson

Richard Constant

Byron Ousey / Michael Turner

Tel:       [phone]

Email:   [e-mail] / [e-mail]

Edelman London (Technology)

Katie Watkin

Email:   [e-mail]

 

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