4th Nov 2013 12:00
LONDON (Alliance News) - Quintain Estates & Development PLC Monday said it has a deal to sell its remaining 40% interest in Greenwich Peninsula Regeneration Ltd to its Hong-Kong joint venture partner Knight Dragon Ltd.
Quintain said it will get a total of GBP230 million for its stake in the joint venture, including accelerating Knight Dragon's existing obligation to pay it GBP50 million in three instalments over six years. The profit will boost its net assets by about GBP34.6 million, or 7 pence a share, it said in a statement.
The deal, which must be approved by shareholders, will also cut Quintain's net debt by about 52% to GBP217.6 million.
Quintain shares were down 2.2% at 94.9 pence Monday morning.
By Steve McGrath; [email protected]; @SteveMcGrath1
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