Interim Management Statement

RNS Number : 6195O

Quintain Estates & Development PLC

08 August 2014

 



8 August 2014

Quintain Estates & Development PLC

("Quintain" / "Company" / "Group")

Interim Management Statement

Quintain, the London property investment and development specialist, today issues its Interim Management Statement for the period from 1 April to 7 August 2014.

Maxwell James, Chief Executive of Quintain, said: 

"We are delighted with the progress being made at Wembley Park, most particularly residential sales momentum ahead of the next launch in September. The prices achieved remain ahead of expectations, demonstrating both the strength of buyer demand at these price points and the growing appeal of Wembley Park.  Alongside this, the refinancing of our bank facilities at extended maturities provides the appropriate financial platform for the execution of our strategy."

Wembley Park

At North West Village, off plan sales are progressing well. Construction of the 475 home Emerald Gardens is well underway, and sales have been agreed on 94 of the 110 homes released to date. Of these 87 have exchanged contracts and a further 7 have been reserved at an average price of £573 per square foot. This equates to an average selling price per home of £355,000. The first completions, including the 143 homes that will seed Quintain's new Private Rental Sector (PRS) business, will take place during the first half of 2016, with the balance delivered over the subsequent 12 months. 

This robust sales performance reflects continued strong demand from buyers at this price point, which remains the most under supplied segment of the London housing market.

The new leisure and retail quarter at Wembley Park, focused around the London Designer Outlet centre, continues to act as an important differentiator for residential purchasers. Recent openings at London Designer Outlet include Helly Hansen, The North Face, Without Prejudice and Kurt Geiger and Next will open a 7,800 sq ft store next month, anchoring the south east corner of the centre.

Finance

The Company has signed agreements for the refinancing of £260 million of corporate revolving credit facilities with its key relationship banks. The key terms are broadly in line with the existing facilities with headline margins of 190 basis points and expiry dates extended from March 2016 to the last quarter of 2018 and 2019.

Taken together with the £115 million bond issued in 2013, Quintain now has £375 million of debt facilities with the average maturity at five years, providing the Group with a strong and flexible financial platform, with significant headroom, from which to continue the execution of its strategy.

ENDS - -

Enquiries

Quintain Maxwell James, Chief Executive Richard Stearn, Finance Director New Office Address: 43-45 Portman Square London W1H 6LY Tel: [phone] [e-mail]

RLM Finsbury Jenny Davey Charlotte Whitley Tel: [phone] [e-mail]

Forward looking statements

This announcement is for information purposes only and contains certain forward-looking statements which, by their nature, involve risk and uncertainty because they relate to or depend upon future events and circumstances.

There are a number of factors which could cause actual results and developments to differ materially from those expressed or implied by these forward looking statements, including a number of factors outside Quintain's control. All forward-looking statements are based upon information known to Quintain on the date of this announcement and no representation or warranty is given in relation to them, including as to their completeness or accuracy or the basis on which they were prepared. Quintain gives no undertaking to update forward-looking statements whether as a result of new information, future events or otherwise. Information contained in this announcement relating to the Company should not be relied upon as an indicator of future performance.

 

END

 

 

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