20th Dec 2006 07:01
Quintain Estates & Development PLC20 December 2006 20 December 2006 Quintain Estates & Development PLC ("Quintain"/"Company") QUANTUM SIGNS DEVELOPMENT AGREEMENT FOR SCIENCE AND TECHNOLOGY PARK AT BRISTOL Quintain is pleased to announce that Quantum Property Partnership ("Quantum"),the Company's 50/50 specialist science park joint venture with Morley FundManagement ("Morley"), has entered into a development agreement with the SouthWest of England Regional Development Agency to create a new science andtechnology park, SPark, at Emerson's Green, Bristol. Quantum will fund and procure primary infrastructure and associated servicingfor the first 22 hectare phase of SPark. This will include building a 3,200 sq minnovation centre which will act as the hub building on the park and an initial'grow on' centre which will provide additional space for companies as theyexpand. Further development will be market led over the ten year duration of theagreement, with Quantum retaining and managing a critical mass of accommodationon the park on a long term basis. When fully built out, the first phase isestimated to have a gross development value of approximately £200 million.Quantum's initial investment is estimated to be £26m. Quintain will provide 50%of the funding for the development, subject to an overall cap of £100m. SPark is a partnership between the South West Regional Development Agency("South West RDA") and the Universities of Bristol, Bath and the West ofEngland. Outline planning consent has already been granted for a total of 77,000sq m of science and technology related space on the 22 hectares of land owned bySouth West RDA between the M4 and the Avon ring road at Emerson's Green onBristol's north fringe. Subject to detailed planning permission being granted, construction work isexpected to start on site in autumn 2007 with the first buildings available foroccupation in late summer 2008. Quintain is also pleased to announce that it has entered into formal partnershipagreement with Morley in respect of Quantum. Commenting on behalf of Quantum, Tonianne Dwyer, an Executive Director ofQuintain and Head of Quintain's Fund Management Division, said: "The signing ofthe SPark agreement represents an important step in the development of theQuantum fund. This project will transform the provision of specialistaccommodation for science and technology companies in the Bristol area and weare delighted to be moving forward in partnership with South West RDA and thethree universities ." For further information, please contact: QuintainTonianne Dwyer / Rebecca WorthingtonTel: 020 7495 8968 Financial DynamicsStephanie Highett / Dido LaurimoreTel: 020 7831 3113 NOTES TO EDITORS Quintain Estates and Development PLC Quintain is a leading property investment and development company specialisingin strategic property acquisition, redevelopment, asset management andregeneration across the UK. Quintain is responsible for the regeneration of 70acres of land surrounding the new Wembley Stadium and, with their partner LendLease, Quintain is also leading the £5bn regeneration of the GreenwichPeninsula. Current land holdings also include 65 acres at Emerson's Green Eastwhere Quintain is working to bring forward a major residential led mixed usescheme. Quintain and Morley have been working together since 1998 on the QuercusHealthcare Property Partnership which invests in nursing homes, specialistnursing and learning disability facilities and private hospitals. Quercuscurrently has over £530m assets under management in the UK. Quintain is listed on the London Stock Exchange and is a member of the FTSE 250. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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