Forward funding agreement

Quintain Estates & Development PLC
12 March 2008

12 March 2008



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

               QUINTAIN FORWARD FUNDS MAJOR STUDENT ACCOMMODATION
                          DEVELOPMENT SCHEME IN LONDON



Quintain Estates and Development announces that, through its wholly owned
subsidiary Corsham Street Student 1 Limited, it has entered into a forward
commitment with Rocket East Road Developments Ltd for the development of a
significant student accommodation scheme at East Road, London EC1, conditional
upon completion of certain planning and funding obligations.

The forward commitment has been structured as the deferred purchase of a long
leasehold interest from the current owners East Road Developments Limited under
which Quintain will:


•         Make an initial payment of £5m when the deal goes unconditional;
this is currently anticipated to occur in late 2008.

•         Make a payment for the long leasehold interest in the site 15 months
after the deal goes unconditional of between £16m and £49m depending on the
final size of the scheme.

•         Make a payment under a development agreement with Rocket East Road
Developments Limited of between £27m and £67m on practical completion of the
building expected in 2011. This payment is again variable, depending upon the
final size of the scheme.

•         The development cost risk will remain with Rocket.



The acquisition will be funded from Quintain's group facilities.



Tonianne Dwyer, an Executive Director of Quintain and the head of Quintain Fund
Management, commented:



'This scheme represents a significant opportunity to secure a major student
accommodation scheme in London - one of the UK's most under-supplied markets for
high quality bespoke student accommodation.  Backed by the strong market
fundamentals, we are confident that this asset will offer considerable capital
and income growth potential.'





For further information please contact:


Quintain Estates and Development plc                            Financial Dynamics
Tonianne Dwyer / Rebecca Worthington                            Stephanie Highett / Dido Laurimore
Tel: [phone]                                       Tel: [phone]

Tom Appleton - Rocket East Road Developments Ltd
Tel [phone]




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