Re: Development Agreement

Quintain Estates & Development PLC
20 April 2006





20 April 2006



Quintain Estates & Development PLC ('Quintain' / 'Company')



SOUTH WEST OF ENGLAND REGIONAL DEVELOPMENT AGENCY SELECTS QUANTUM AS PREFERRED
DEVELOPMENT AND FUNDING PARTNER FOR SCIENCE AND TECHNOLOGY PARK AT BRISTOL





Quintain Estates and Development is pleased to announce that the Quantum
Property Partnership ('Quantum'), the Company's 50/50 specialist science park
joint venture with Morley Fund Management, has been selected by the South West
of England Regional Development Agency as the preferred development and funding
partner to create a new science and technology park, SPark, at Emerson's Green,
Bristol.



On completion of the partnership agreement, Quantum's role will be to fund and
procure primary infrastructure and associated servicing for the first 22 hectare
phase of the park. This will include building a 3,200 sq m innovation centre
which will act as the hub building on the park and an initial 'grow on' centre
which will provide additional space for companies as they grow.  Further
development will be market led over the ten year duration of the agreement, with
Quantum retaining and managing a critical mass of accommodation on the park on a
long term basis. When fully built out, this phase is estimated to have a gross
development value of approximately £200 million.



SPark is a partnership between the South West Regional Development Agency ('
South West RDA') and the Universities of Bristol, Bath and the West of England.
Outline planning consent has already been granted for a total of 77,000 sq m of
science and technology related space on the 22 hectares of land owned by South
West RDA between the M4 and the Avon ring road at Emerson's Green on Bristol's
north fringe.



Subject to detailed planning permission being granted, construction work is
expected to start on site in Spring 2007 with the first buildings available for
occupation in Spring 2008.



Commenting on behalf of Quantum, Tonianne Dwyer, Head of Quintain's Fund
Management Division, said; 'SPark represents an important step in the
development of our Science Park Fund with Morley. It is an exciting project that
will transform the provision of specialist accommodation for science and
technology companies in the Bristol area.  We are delighted to have been
selected as the preferred developer for SPark and look forward to working
closely with South West RDA and the three universities to deliver the scheme.'



Jon Ashcroft from Morley added; 'Morley is the largest UK and European property
fund manager with significant investments in the South West of England.  We are
pleased to be able to continue to partner with the region through this
investment.  Morley offers a wide range of funds for investors to access
specific property sectors not otherwise readily available.  Combined with
Quintain's knowledge of the sector and Morley's existing investments in Science
Parks, Quantum is seeking to acquire quality parks to offer market leading
management to investors and occupiers in this dynamic sector.'



Ian Thompson, director of operations (North) at the South West Regional
Development Agency, said; 'Quantum Property Partnership involves two of the
leading players in the UK property industry with a proven track record of
delivering large-scale complex projects such as SPark and we are confident that,
together, we can create one of the leading science parks in Europe.  Their
proposals place a high priority on delivering a science park that is both
sustainable and built to very high standards of design and build quality, which
closely match the Agency's aspirations for a development of this importance to
the region.'



For further information, please contact:



Quintain

Tonianne Dwyer / Rebecca Worthington

Tel: [phone]



Financial Dynamics

Stephanie Highett / Dido Laurimore

Tel: [phone]





Notes to Editors



Quintain Estates and Development PLC

Quintain is a leading property investment and development company quoted in the
FTSE 250.  Quintain specialises in strategic property acquisition,
redevelopment, asset management and regeneration across the UK and in all
property sectors. Quintain's current land holdings include 65 acres at Emerson's
Green East where it is working with Heron Land and JJ Gallagher, the owners of a
further 185 acres adjoining SPark, to bring forward a major residential led
mixed use scheme.



Quintain and Morley have been working together since 1998 on the Quercus
Healthcare Property Partnership which invests in nursing homes, specialist
nursing and learning disability facilities and private hospitals. Quercus
currently has £470m assets under management in the UK.



Morley Fund Management

Morley is the global asset management business of Aviva plc with assets under
management of over £134 billion. The Morley Property Management Team has over
£17 billion of property under management making it the largest property fund
management house in the UK.



Quantum Property Partnership

Through Quantum, Quintain and Morley have joined forces to create the UK's first
truly specialist long term investor, developer and operator of science parks.
It is intended that Quantum will become a long term, institutionally backed
property fund similar to those managed by Quintain and Morley in other property
sectors. Quintain and Morley's intention is to become the pre-eminent property
partner to the R&D industry by engaging with the scientific community at the
highest level, identifying and adopting best practice, both for the development
and the operation of the science parks, and building and holding a portfolio of
adaptable, state of the art accommodation.



South West of England Regional Development Agency



The South West of England Regional Development Agency was established by
Government in 1999 to promote the long-term economic success of the region. It
does this by working with others to give people the skills they need, encourage
enterprise, improve infrastructure, help communities with regeneration and
promote the strengths of the region.


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