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quintain estates & dev plc (QUTDF) Key Developments

Quintain Estates and Development plc Establishes Joint Venture with Keystone Alto S.A

Quintain Estates and Development plc has established a second joint venture with Keystone Alto S.A. ("Keystone") to deliver the next 260,000 sq ft residential development at Wembley Park. The joint venture will pay Quintain £19.0 million for the unserviced 1.5 acre plot ("Alto") and, separately, £8.0 million under an agreement for infrastructure to be delivered in the future: a total of £27.0 million. Net of the JV equity commitment, for its respective roles as a 50% partner and land vendor, Quintain will own 50% of the equity in the joint venture and receive cash proceeds of £14.3 million, paid around completion of the transaction, with a further £4.0 million to be paid on completion of the first phase, anticipated in 2017. Two buildings comprising 362 homes will be built on the plot, either side of a private courtyard garden. 120 of the homes will be constructed for Quintain, for which the Company will pay the joint venture £36.8 million. Of this amount, £7.3 million will be paid now and £3.7 million in October, with the balance paid from existing Company resources on practical completion, expected in 2017. These homes will be retained by Quintain and professionally managed as high quality private rental sector ("PRS") accommodation to expand the Group's income. In addition, Quintain's appointment as development and project manager for Alto will generate fee income of approximately £3.7 million over the next two years, further enhancing the Group's earnings.

Quintain Estates & Development Appoints Matthew Slade as Managing Director of its Wembley Park Development

Quintain Estates & Development has appointed Matthew Slade as managing director of its Wembley Park development. Slade joins from Westfield Corporation, where he opened the Stratford City development and acted as general manager during the 2012 Olympics. Quintain said the new role at Wembley Park would involve overseeing the transformation of the area into a 'world-class retail and leisure destination'.

Quintain Estates and Development plc Appoints Simon Carter as Finance Director, Effective from May 26, 2015

Quintain Estates & Development PLC appointed Simon Carter as Finance Director with effect from 26 May 2015. Simon will join Quintain from British Land Co PLC, where he is Head of Strategy and a member of the Executive Committee.

Quintain Estates and Development plc Reports Unaudited Consolidated Earnings Results for the Six Months Ended September 30, 2014

Quintain Estates and Development plc reported unaudited consolidated earnings results for the six months ended September 30, 2014. For the period, the company reported revenue of GBP 38.8 million against GBP 10.8 million a year ago. Operating profit was GBP 14.8 million against GBP 2.5 million a year ago. Profit before tax was GBP 12.4 million against loss before tax of GBP 0.8 million a year ago. Profit for continuing operations was GBP 11.0 million or 2.1 pence per basic and diluted share against loss for continuing operations of GBP 1.0 million or 0.2 pence per basic and diluted share a year ago. Profit for the financial period attributable to equity shareholders was GBP 11.1 million or 2.1 pence per basic and diluted share against GBP 7.1 million or 1.3 pence per basic and diluted share a year ago. Net asset value per share was 116 cents against 106 cents a year ago. Net cash flow from operating activities was GBP 20.7 million against GBP 8.8 million a year ago. Purchase and development of investment properties was GBP 78.5 million against GBP 28.8 million a year ago. Purchase of owner-occupied properties, plant and equipment was GBP 2.7 million against GBP 0.1 million a year ago. Adjusted profit before tax was GBP 3.3 million against GBP 3.1 million a year ago. Net debt was GBP 178.3 million.

Quintain Mulls Acquisitions

Quintain Estates and Development plc (LSE:QED) is seeking acquisitions. Maxwell James, Chief Executive Officer of Quintain, said, "While we continue to assess potential acquisitions for our London Portfolio, with Wembley Park now established as an attractive place to visit and to live, we intend to maintain our focus on improving income from these investment assets and accelerating the pace of residential delivery in this vibrant London location."

 

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