Sale of Emersons Green

RNS Number : 3127A

Quintain Estates & Development PLC

29 March 2012

 



29 March 2012

Quintain Estates & Development plc

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

Quintain tightens focus on London regeneration schemes with

non core regional asset disposal 

Quintain, the London regeneration specialist, today announces that it has agreed the sale for £12 million of 65 acres of undeveloped residential land at Emersons Green, Bristol.

The disposal to Taylor Wimpey Plc will net Quintain an immediate payment of £10 million followed by an additional £2 million in September 2012. Further potential gain may be realised through an overage payment of 50% of net private residential sales above £94 million over the next 12 years.

This disposal from Quintain's regional portfolio forms part of an ongoing programme of recycling capital from non-core assets. The sale increases the total gross proceeds contracted from disposals during the current financial year to £121.9 million, with £51.7million received to date, £64.8 million due over the next six months and the balance thereafter. The proceeds are being used to strengthen further the Group balance sheet, enabling Quintain to focus on its two large scale urban estates at Wembley and Greenwich Peninsula and its growing Fund Management business.

Rebecca Worthington, Finance Director of Quintain, commented:

"This sale enables us to further strengthen our balance sheet and recycle capital into our world class regeneration schemes in the heart of London at Wembley and Greenwich Peninsula".

Nigel Holland, Managing Director for Taylor Wimpey Bristol, commented;

"Emersons Green is a major growth point for the Greater Bristol area and this purchase reflects our strategy of targeting acquisitions in key locations to further enhance the quality of our land portfolio. We are delighted to have been able to agree terms with Quintain."

For further information, please contact:

Quintain Estates & Development plc

Rebecca Worthington / Cressida Curtis

Tel:    [phone]

RLM Finsbury

Jenny Davey / Ed Lane Fox

Tel:    [phone]

Quintain

Quintain is a listed UK property company operating through two businesses: London centric Urban Regeneration and Fund Management.

Urban Regeneration:

Quintain is responsible for two of the largest regeneration schemes in London at Wembley City and the Greenwich Peninsula.

Wembley:

Quintain is transforming 85 acres of former exhibitions lands around Wembley Stadium to create a retail and leisure destination which will deliver people, businesses and economic growth to the heart of Wembley.

Greenwich:

On a 190 acre site surrounding The O2, Quintain and its partner Lend Lease (Europe), are creating a new London community along 1.6 miles of Thames river frontage.

Fund Management:

Quintain's Fund Management business has £2.3 billion of assets under management, following the acquisition last month of the specialist central London strategic property adviser, Grafton Advisors (2006) LLP ("Grafton"). Quintain's specialist Fund Management activities are focused on Central London, healthcare, higher education and science parks. The Company seeks to generate excellent returns for investors thereby creating profits from fee and asset management income.

Further information about the company is available on the Quintain website at www.quintain.co.uk

 

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