Quintain announces further asset sales (UK)

Quintain Estates & Development PLC announces the sale of St David's House, Cardiff, Wales, for a total consideration of £9.3 million (approx. € 9.33 mln.), reflecting a profit over cost of £4.0 million and a 2.8% premium to the September 2008 valuation of the asset.

Following this sale, the Company has repatriated a total of £94 million of cash against its target of £100 million, originally announced in August 2008.

The Company has also agreed the sale of Viking and Saxon House, Hemel Hempstead, for £1.48 million, which compares to a 30 September valuation of £1.8 million and delivers a profit over cost of £1.0m.

Completion of this sale will increase the total cash repatriated to £95.5 million.

Rebecca Worthington, Quintain's Finance Director, commented: "The combination of these latest disposals, the progress being made in reducing costs and the flexible new gearing agreement announced last week materially increases the headroom available to Quintain in its relationship banking facilities."

Source: FD

Related News