20th Apr 2006 09:53
Quintain Estates & Development PLC20 April 2006 20 April 2006 Quintain Estates & Development PLC ("Quintain" / "Company") SOUTH WEST OF ENGLAND REGIONAL DEVELOPMENT AGENCY SELECTS QUANTUM AS PREFERREDDEVELOPMENT AND FUNDING PARTNER FOR SCIENCE AND TECHNOLOGY PARK AT BRISTOL Quintain Estates and Development is pleased to announce that the QuantumProperty Partnership ("Quantum"), the Company's 50/50 specialist science parkjoint venture with Morley Fund Management, has been selected by the South Westof England Regional Development Agency as the preferred development and fundingpartner to create a new science and technology park, SPark, at Emerson's Green,Bristol. On completion of the partnership agreement, Quantum's role will be to fund andprocure primary infrastructure and associated servicing for the first 22 hectarephase of the park. This will include building a 3,200 sq m innovation centrewhich will act as the hub building on the park and an initial 'grow on' centrewhich will provide additional space for companies as they grow. Furtherdevelopment will be market led over the ten year duration of the agreement, withQuantum retaining and managing a critical mass of accommodation on the park on along term basis. When fully built out, this phase is estimated to have a grossdevelopment value of approximately £200 million. SPark is a partnership between the South West Regional Development Agency ("South West RDA") and the Universities of Bristol, Bath and the West of England.Outline planning consent has already been granted for a total of 77,000 sq m ofscience and technology related space on the 22 hectares of land owned by SouthWest RDA between the M4 and the Avon ring road at Emerson's Green on Bristol'snorth fringe. Subject to detailed planning permission being granted, construction work isexpected to start on site in Spring 2007 with the first buildings available foroccupation in Spring 2008. Commenting on behalf of Quantum, Tonianne Dwyer, Head of Quintain's FundManagement Division, said; "SPark represents an important step in thedevelopment of our Science Park Fund with Morley. It is an exciting project thatwill transform the provision of specialist accommodation for science andtechnology companies in the Bristol area. We are delighted to have beenselected as the preferred developer for SPark and look forward to workingclosely with South West RDA and the three universities to deliver the scheme." Jon Ashcroft from Morley added; "Morley is the largest UK and European propertyfund manager with significant investments in the South West of England. We arepleased to be able to continue to partner with the region through thisinvestment. Morley offers a wide range of funds for investors to accessspecific property sectors not otherwise readily available. Combined withQuintain's knowledge of the sector and Morley's existing investments in ScienceParks, Quantum is seeking to acquire quality parks to offer market leadingmanagement to investors and occupiers in this dynamic sector." Ian Thompson, director of operations (North) at the South West RegionalDevelopment Agency, said; "Quantum Property Partnership involves two of theleading players in the UK property industry with a proven track record ofdelivering large-scale complex projects such as SPark and we are confident that,together, we can create one of the leading science parks in Europe. Theirproposals place a high priority on delivering a science park that is bothsustainable and built to very high standards of design and build quality, whichclosely match the Agency's aspirations for a development of this importance tothe region." For further information, please contact: Quintain Tonianne Dwyer / Rebecca Worthington Tel: 020 7495 8968 Financial Dynamics Stephanie Highett / Dido Laurimore Tel: 020 7831 3113 Notes to Editors Quintain Estates and Development PLC Quintain is a leading property investment and development company quoted in theFTSE 250. Quintain specialises in strategic property acquisition,redevelopment, asset management and regeneration across the UK and in allproperty sectors. Quintain's current land holdings include 65 acres at Emerson'sGreen East where it is working with Heron Land and JJ Gallagher, the owners of afurther 185 acres adjoining SPark, to bring forward a major residential ledmixed use scheme. 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 £470m assets under management in the UK. Morley Fund Management Morley is the global asset management business of Aviva plc with assets undermanagement of over £134 billion. The Morley Property Management Team has over£17 billion of property under management making it the largest property fundmanagement house in the UK. Quantum Property Partnership Through Quantum, Quintain and Morley have joined forces to create the UK's firsttruly specialist long term investor, developer and operator of science parks.It is intended that Quantum will become a long term, institutionally backedproperty fund similar to those managed by Quintain and Morley in other propertysectors. Quintain and Morley's intention is to become the pre-eminent propertypartner to the R&D industry by engaging with the scientific community at thehighest level, identifying and adopting best practice, both for the developmentand the operation of the science parks, and building and holding a portfolio ofadaptable, state of the art accommodation. South West of England Regional Development Agency The South West of England Regional Development Agency was established byGovernment in 1999 to promote the long-term economic success of the region. Itdoes this by working with others to give people the skills they need, encourageenterprise, improve infrastructure, help communities with regeneration andpromote the strengths of the region. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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