Disposal

Quintain Estates & Development PLC
23 February 2005



23 February 2005





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



   QUINTAIN SELLS THE CASTLEGATE SHOPPING CENTRE, STOCKTON-ON-TEES FOR £45.1m



Quintain Estates and Development has completed the disposal of the Castlegate
Centre, Stockton-on-Tees for £45.1m to fund manager Lathe Investments for their
Redleaf VI fund.  The net annual income from the property was £2.8m.



Quintain acquired the 347,000 sq ft (32,235 sq m) Castlegate Shopping Centre in
Stockton-on-Tees through the acquisition of Chesterfield Properties in 1999.
The centre is home to 59 retailers, including Woolworths, Boots, Wilkinsons and
Iceland.



The disposal marks Quintain's exit from the large secondary shopping centre
market, and takes advantage of exceptionally buoyant prices.  The funds raised
will be recycled into active-management stock where the Company sees the
potential to create better value.



Commenting on the disposal, James Hamilton Stubber, Quintain's Chief Operating
Officer, said:



'This disposal marks a significant milestone in the restructuring of our
portfolio, at a point in the market which we believe to be the most opportune
for the disposal of such assets. We are continuing to reinvest the proceeds from
our sale programme in stock where we believe we can add more capital and income
value growth.'



CBRE acted for Quintain and DTZ acted for Lathe.



                                    - Ends-



For further information, please contact:



Quintain
Rebecca Worthington/James Hamilton Stubber
Tel: [phone]



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




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