23rd Feb 2005 15:37
Quintain Estates & Development PLC23 February 2005 23 February 2005 Quintain Estates and Development PLC ("Quintain"/ the "Company") QUINTAIN SELLS THE CASTLEGATE SHOPPING CENTRE, STOCKTON-ON-TEES FOR £45.1m Quintain Estates and Development has completed the disposal of the CastlegateCentre, Stockton-on-Tees for £45.1m to fund manager Lathe Investments for theirRedleaf VI fund. The net annual income from the property was £2.8m. Quintain acquired the 347,000 sq ft (32,235 sq m) Castlegate Shopping Centre inStockton-on-Tees through the acquisition of Chesterfield Properties in 1999.The centre is home to 59 retailers, including Woolworths, Boots, Wilkinsons andIceland. The disposal marks Quintain's exit from the large secondary shopping centremarket, and takes advantage of exceptionally buoyant prices. The funds raisedwill be recycled into active-management stock where the Company sees thepotential to create better value. Commenting on the disposal, James Hamilton Stubber, Quintain's Chief OperatingOfficer, said: "This disposal marks a significant milestone in the restructuring of ourportfolio, at a point in the market which we believe to be the most opportunefor the disposal of such assets. We are continuing to reinvest the proceeds fromour sale programme in stock where we believe we can add more capital and incomevalue growth." CBRE acted for Quintain and DTZ acted for Lathe. - Ends- For further information, please contact: QuintainRebecca 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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