Acquisition

Quintain Estates & Development PLC
07 August 2002


7 August 2002


       Quintain Estates and Development PLC ('Quintain' / the 'Company')

          QUINTAIN ACQUIRES WEMBLEY LONDON LIMITED FOR £48 MILLION


Quintain is pleased to announce that it has acquired Wembley (London) Limited 
('WLL'), a wholly owned subsidiary of Wembley plc, for £48 million.  The
purchase price is payable in three cash instalments.  The first payment of £16
million will be made today; the second - of £18 million - will be paid on 1
December 2003; and the third - of £14 million - will be made on 1 December 2004.
The two deferred payments are secured by a parent company guarantee from
Quintain and by a charge over the land and the businesses other than the Arena. 
Further land is released upon payment of the second instalment.  Quintain will
keep all the cash flow from the business other than in the event of default and
no interest is payable on the outstanding instalments.

WLL owns and manages the Wembley Conference Centre, the Wembley Exhibition Halls
and Wembley Arena businesses (which will continue to operate under the existing
management team), the 22 acres of land on which they are located and a further
22 acres of land to the east and north of Wembley Stadium.  WLL does not own or
manage the Wembley Stadium.  For the year ended 31 December 2001, WLL reported a
turnover of £11.0 million, a profit before tax and exceptionals of £1.7 million
and net assets of £59.8 million.  A dividend will be paid prior to completion
such that the net assets will equal the purchase price on completion.

Quintain is now preparing its proposals for a major mixed-use scheme totalling
44 acres which will integrate with the proposed new national stadium, bringing
more jobs, homes, leisure and retail facilities to this key London site and
plans to take advantage of the excellent local public transport network, which
incorporates two railway stations and one London Underground station.  The
Company anticipates that it will submit a planning application within the next
twelve months and that the development will take between five and 10 years to
complete.

The scheme is to be masterplanned by the Richard Rogers Partnership.

This acquisition marks the second major mixed-use urban regeneration project in
London for Quintain following an agreement with English Partnerships in May 2002
that Meridian Delta, a consortium owned by Quintain and Lend Lease Europe
Limited, would develop 190 acres on the Greenwich Peninsula.  Quintain now has
interests in 234 acres identified as 'Opportunity Areas' in the Mayor of
London's Draft London Plan published in June 2002.

Commenting on the acquisition, Nick Shattock, Quintain's Property Director,
commented:

'This is the second landmark regeneration deal we have signed in three months.
This 44 acre site represents a major strategic project with great potential to
create a 'new' location capable of significant redevelopment and powerful
branding, whilst providing benefits to the wider Wembley communities.'



For further information, please contact:

Quintain
Rebecca Worthington
Tel: [phone]

Financial Dynamics
Stephanie Highett/Dido Laurimore
Tel: [phone]


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