News

Quintain cuts debt by £63m

30 September 2008 09:57:00

Quintain Estates is on course to raise up to £100m by the end of March 2009 after repatriating £63.2m over the past six months, leaving it confident about prospects.

In August, the property developer said it had sold assets worth £16.9m and has now pocketed another £46.3m through the repayment by a third party of a loan facility and the sale of shares in Redhill Aerodrome Ventures. The cash will be used to reduce debt.

"Whilst market conditions remain challenging, the board remains confident about the company's prospects, particularly with regard to its major projects and fund management," said the firm.

Its exposure to the housing market remains "limited", comprising solely of Forum House at Wembley where £7.8m has been received following completions for private apartments.

Meanwhile, the company's Registered Social Landlord partners have taken ownership of the affordable housing apartments and are managing the logistics of moving 141 families into Forum House through September and October.

Its student accommodation fund, iQ, has made "excellent" progress, achieving rents at an average of 5% above the 2007/08 academic year. It said 98% of the 2,437 beds within iQ are currently let.

Results for the six months to 30 September are expected on 27 November.

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