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Quintain Estates move to the front foot in Q3
Quintain Estates, the London regeneration specialist and owner of Wembley Arena, in it's Q3 trading statement today said that it had sold Commercial House in Jersey, earlier this month for £8.2million, which is 19% above the September 2009 valuation.
In Q3 three leases have been renewed or re-geared, securing an additional 4.7 years of income worth £1.3million per annum and showing an uplift of 7% against ERV, and seven new leases worth a total of £575,000 per annum have been agreed.
Most importantly Quintain saw the proceeds of it's Rights Issue, raising net £183.5million, reduce it's gearing from 94% to 43%. So, whilst £50million of the funds raised has been allocated to the long-term reduction of debt, £133.5million is being used by the Company to accelerate the growth of the income-producing fund management business and selectively to progress key elements of it's major urban regeneration schemes.
Adrian Wyatt, Chief Executive of Quintain, commented:
"The firm financial platform secured by Quintain during 2009 has already enabled the Company to take advantage of opportunities in the market. With equity available and a significantly reduced level of gearing, we will continue to progress our existing schemes, drive substantial growth in the fund management business and capitalise on the many opportunities current market conditions present, whilst rigorously safeguarding the financial stability that has been achieved."
In Q3 three leases have been renewed or re-geared, securing an additional 4.7 years of income worth £1.3million per annum and showing an uplift of 7% against ERV, and seven new leases worth a total of £575,000 per annum have been agreed.
Most importantly Quintain saw the proceeds of it's Rights Issue, raising net £183.5million, reduce it's gearing from 94% to 43%. So, whilst £50million of the funds raised has been allocated to the long-term reduction of debt, £133.5million is being used by the Company to accelerate the growth of the income-producing fund management business and selectively to progress key elements of it's major urban regeneration schemes.
Adrian Wyatt, Chief Executive of Quintain, commented:
"The firm financial platform secured by Quintain during 2009 has already enabled the Company to take advantage of opportunities in the market. With equity available and a significantly reduced level of gearing, we will continue to progress our existing schemes, drive substantial growth in the fund management business and capitalise on the many opportunities current market conditions present, whilst rigorously safeguarding the financial stability that has been achieved."
Thu, 21st Jan 2010