London Theatre Portfolio Sold for £18m

Quintain Estates & Development PLC 14 February 2000 QUINTAIN SELLS LONDON THEATRE PORTFOLIO FOR £18m Quintain Estates and Development PLC, the property investment group, today announces that it has entered into a put and call option of the sale of the Crescent theatre and investment portfolio to the Ambassador Theatre Group for £18m cash. The options are exercisable on or before 4th April 2000. The sale price is in excess of book cost and proceeds will be used to repay borrowings. The portfolio of seven theatres include the Donmar Warehouse, the Albery and Wyndhams, the Comedy, the Pheonix and the Piccadilly Theatres. Quintain acquired the theatres following its take over of Chesterfield Properties PLC in July 1999. For further information, contact: Nick Shattock, Director, Quintain Tel: 0171 495 8968 Baron Phillips, Bankside Consultants Tel: 0171 220 7477 Notes to editors: The portfolio of sever theatres are: Albery and Wyndhams Theatres, St Martins Lane Comedy Theatre, Panton Street Phoenix Theatre, Charing Cross Road Piccadilly Theatre, Denman Street Whitehall Theatre, Whitehall Donmar Warehouse, Neals Yard

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