Last checked at 17 Mar 2009 07:00
17 March 2009
Quintain Estates & Development PLC
("Quintain" / "Company")
QUINTAIN ANNOUNCES FURTHER ASSET SALES
Quintain Estates & Development PLC announces the sale of St David's House, Cardiff, for a total consideration of £9.3 million, 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."
For further information please contact:
Quintain Estates & Development PLC
Rebecca Worthington / Cressida Eccleston
Tel: +44 (0) 20 7495 8968
Financial Dynamics
Stephanie Highett / Dido Laurimore / Laurence Jones
Tel: +44 (0) 20 7831 3113
Forward looking statements
This document is for information purposes only and it may contain certain forward looking statements. By their nature forward looking statements involve risk and uncertainty because they relate to future events and circumstances. Actual outcomes and results may differ materially from any outcomes of results expressed or implied by such forward looking statements.
Any forward looking statements made by or on behalf of Quintain speak only as at the date they are made and no representation or warranty is given in relation to them, including as to their completeness for accuracy or the basis on which they were prepared. Quintain does not undertake to update forward looking statements to reflect any changes in Quintain's expectations with regard thereto or any changes in events, conditions or circumstance on which any such statement is based.
Information contained in this document relating to the Company should not be relied upon as an indicator of future performance.