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6 February 2013
Third Quarter Interim Management Statement
Quintain Estates & Development PLC today issues the following Interim Management Statement for the period from 30 September 2012 to date.
We are making good progress in repositioning the Company. Delivery on both our London schemes continues, with a near-term focus on achieving planning progress at Greenwich Peninsula and the opening of the London Designer Outlet at Wembley.
We continue to progress the disposal of non-core assets in order to assist the deleveraging of the balance sheet, although markets outside London remain challenging.
Operational delivery at Greenwich Peninsula continues to build pace. The outcome of the planning committee's decision on three residential plots, comprising 500 homes, in the southern quarter is expected at the end of this month. A further plot in this quarter has now also been sold to ZenProp, which is constructing a 280-bedroom student accommodation scheme that will benefit from the proximity of Ravensbourne College, located next to The O2.
The Wembley operational team is driving forward the area's transformation and the delivery of the London Designer Outlet continues as planned. In anticipation of starting a new phase and type of residential development at Wembley in 2014, 34 homes that were completed in 2010 have been sold to Hearthstone, a specialist residential FSA-regulated property investor. The consideration of £7.7m, paid in cash and redeemable units in the Hearthstone Fund, will be used to reduce net debt in line with the stated de-leveraging strategy.
Quintain Estates and Development PLC
Max James, Chief Executive
Richard Stearn, Finance Director
Tel: +44 (0)20 7495 8968
RLM Finsbury Group
Jenny Davey / Edward Lane Fox
Tel: +44 (0) 207 251 3801
Forward looking statements
This announcement is for information purposes only and contains certain forward-looking statements which, by their nature, involve risk and uncertainty because they relate to or depend upon future events and circumstances.
There are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements, including a number of factors outside Quintain's control. All forward-looking statements are based upon information known to Quintain on the date of this announcement and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Quintain gives no undertaking to update forward-looking statements whether as a result of new information, future events or otherwise. Information contained in this announcement relating to the Company should not be relied upon as an indicator of future performance.
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