14th Sep 2005 07:00
Quintain Estates & Development PLC14 September 2005 14 September 2005 Quintain Estates and Development PLC ("Quintain"/ the"Company") QUINTAIN SELLS ANGLIA SQUARE SHOPPING CENTRE, NORWICH FOR £23.75M Quintain Estates and Development announces that it has exchanged contracts onthe sale of the freehold interest in Anglia Square Shopping Centre to LagMarProperties, a private property company, for £23.75m. The sale price reflects anet initial yield of 6%. Anglia Square provides 300,000 sq ft of accommodation across 37 retail unitstogether with a nightclub, cinema and 750 space multi-storey car park. Currenttenants include Boots, Budgens, Iceland, Baker's Oven and NCP. The property alsoincludes two vacant office buildings and two potential redevelopment sites thatare currently used for surface car parking. The current rental income on thecentre is £1.5m per annum. The sale will show a profit over valuation in Quintain's books of about £2.4mand a profit over cost of around £13m. Commenting on the disposal, James Hamilton Stubber, Quintain's BusinessDevelopment Director, said: "This transaction continues our strategy of recycling our capital out of assetswhich do not have the short to medium prospects we are looking for. In the last18 months we have sold in excess of £300m of investments, two thirds of whichwere retail and with an average yield below 6%." GVA Grimley acted on behalf of Quintain. BTW Shiells acted on behalf of LagMar. - Ends- For further information, please contact: Quintain Rebecca Worthington/James Hamilton StubberTel: 020 7495 8968 Financial DynamicsStephanie Highett/ Dido LaurimoreTel: 020 7831 3113 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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