28th Feb 2007 09:03
Quintain Estates & Development PLC28 February 2007 28 February 2007 Quintain Estates and Development PLC ("Quintain"/ "Company") QUINTAIN ANNOUNCES JOINT VENTURE AGREEMENT WITH LACE MARKET PROPERTIES JOINT VENTURES Quintain is pleased to announce the creation of a joint venture between QuintainRegional Partnerships Limited ("QRP"), a wholly owned subsidiary of Quintain,and Lace Market Properties Joint Ventures Limited ("LMPJV"), a wholly ownedsubsidiary of Lace Market Properties Limited. The joint venture will create anewly incorporated company called Quintain City Partnerships Limited ("QCP"),ofwhich 50 per cent. will be owned by QRP and 50 per cent. by LMPJV. QCP has been created to undertake large scale property development schemes (the"Schemes") which will be mainly residential in terms of use. Each propertydevelopment will comprise at least two blocks of accommodation and have ananticipated cumulative gross development value of at least £50 million. QCP mayalso carry out other mixed use developments as agreed by the joint ventureparties. It is anticipated that LMPJV will use its extensive network ofcontacts to identify and source Schemes across the Midlands and North. The Schemes are to be carried out by special purpose vehicles which will bewholly owned by QCP. No Scheme shall be commenced unless certain conditionshave been met (or waived by the joint venture parties). Funding to enable the acquisition and development of Scheme properties will beprovided by QRP and LMPJV equally, in the form of redeemable preference sharesin the capital of QCP and by way of loans carrying interest. In addition, QRPwill provide an initial loan of up to £750,000 for working capital purposes. LMPJV and QRP have agreed that their respective financial commitment to thejoint venture shall not exceed £100 million. Profits of the joint venture willbe shared 50/50 between QRP and LMPJV. Lace Market Properties is a specialist urban regeneration developer which wasestablished in Nottingham in 1998 to bring the concept of New York-style loftliving to Nottingham's historical Lace Market district. Since 1998 the companyhas completed over 700 apartments. It currently has circa 690 underconstruction and over 3,500 apartments going through the planning process. Lace Market Properties has an in-house architectural team, which explores andrealises the potential of development sites. It also has its own interiordesign team, which is well known for using quality brands to create bespoke,modern, spacious atmospheric interiors. Lace Market Properties is now one of the largest and most active mixed usedevelopers in the East Midlands and will use the joint venture as a springboardto expand into other UK cities. Nick Shattock, deputy chief executive of Quintain, commented: "The signing of this joint venture is a significant step forward in broadeningQuintain's urban regeneration activity throughout the rest of the UnitedKingdom. The Lace Market Group is widely acknowledged in the East Midlands as aspecialist in the development of high-quality new-build apartments. The jointventure is now poised to combine our respective capabilities and to export thissuccessful approach to other selected towns and cities across the Midlands andNorth of the UK." For further information, please contact: Quintain Rebecca Worthington/Hilary Reid-Evans 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 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 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:
Quadrise