In line with its strategy to streamline the portfolio through the disposal of non-core assets, Quintain announced the sale of its interests in the Mitre Passage office building at Greenwich Peninsula through the disposal of its 50% ownership of the Greenwich Peninsula NO204B Block B Unit Trust (a joint venture with Lend Lease) and the 100% owned retail unit in the same building to Tristan Capital Partners, acting on behalf of EPIS03 Luxembourg Holdings Sarl, for a combined consideration of £17.1 million (approx. €20.64 million) in cash.
The carrying value of these investments in Quintain’s balance sheet, as at 30 September 2013, was £14.2 million. For the year ended 31 March 2013, Quintain’s share of the loss before tax generated by these assets was £4.1 million (approx. €4.95 million). The net proceeds from the disposal will initially be used to reduce the Company’s net debt and available to be redrawn as required for attractive investment opportunities in London.