Property Disposal

Quintain Estates & Development PLC
18 March 2003




18 March 2003



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

                         DISPOSAL OF CHAUCER HOUSE


The board of Quintain announces that it has completed the disposal of Chaucer
House, part of an office court complex located in London SE1, to Hanover
Securities, a private investment vehicle.  The complex, comprising four office
buildings, was originally acquired at a book cost of £28 million by Quintain as
a result of the acquisition of Chesterfield Properties Limited in July 1999.

The other three parts of the complex were sold over the last 2 years, recording
a total FRS 3 profit of £1.5 million for the Company.  The sale of Chaucer House
for £5 million, however, will result in an FRS 3 loss of £1 million, which will
be reflected in the Company's results for the full year to 31 March 2003.

As a result of this sale, Quintain's exposure to the City of London office
market will fall to 3% of the total value of its portfolio.

Chaucer House has been substantially vacant since March 2001, when Lloyds Bank
exercised a break option in its lease. The property comprises approximately
20,700 sq ft of air-conditioned office accommodation and a self-contained bar at
basement level let to Davy's of London Limited until 2011.  The building was
originally completed in early 1990's, but is now in need of substantial
refurbishment in order to bring it up to modern occupational standards.

Commenting on the disposal, Adrian Wyatt, Chief Executive of Quintain, said:

'We have taken the decision to sell Chaucer House in light of current market
conditions in the City of London and the need for substantial re-investment in
order to attract a new tenant into the vacant office space.

'We continue to make strong progress with our major projects at Greenwich
Peninsula and Wembley and look forward to updating our shareholders further on
these and all other aspects of our activities when we announce our full year
figures in June.'


For further information, please contact:



Quintain
Rebecca Worthington
Tel: [phone]

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



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