Quintain has agreed the sale of 65 acres of undeveloped residential land in Bristol, generating funds the improve its ability to focus on Wembley.
The disposal to Taylor Wimpey for £12 million will net Quintain an immediate payment of £10 million followed by an additional £2 million in September 2012. Quintain say further gain may be realised through an overage payment of 50% of net private residential sales above £94 million over the next 12 years.
The company says the disposal from Quintain’s regional portfolio forms part of an ongoing programme of recycling capital from non-core assets. The sale increases the total gross proceeds contracted from disposals during the current financial year to £121.9 million, with £51.7million received to date, £64.8 million due over the next six months and the balance thereafter.
The proceeds are being used to strengthen further the Group balance sheet, enabling them, they say, to focus on their two large scale urban estates at Wembley and Greenwich Peninsula.
Rebecca Worthington, Finance Director of Quintain, commented: “This sale enables us to further strengthen our balance sheet and recycle capital into our world class regeneration schemes in the heart of London at Wembley and Greenwich Peninsula”.