Re Joint Venture

Quintain Estates & Development PLC 20 October 2003 20 October 2003 Quintain Estates and Development PLC ('Quintain' / the 'Company') QUINTAIN AND COUNTRYSIDE FORM JOINT VENTURE TO UNDERTAKE £75 MILLION MIXED-USE DEVELOPMENT IN LONDON SW19 Quintain Estates & Development PLC ('Quintain') has entered into a joint venture agreement with Countryside Properties PLC ('Countryside Properties') to develop a prominent 9.4 acre brownfield site adjacent to the existing Merton Abbey Mills Market in Colliers Wood, London SW19. A joint venture vehicle has been set up by the two companies to develop the scheme which has a completed development value of £75 million. A non-recourse project loan is being provided by Barclays. This major new mixed-use development will include 283 contemporary apartments for sale on the River Wandle, a 132 bed hotel pre-let to Scottish & Newcastle (Premier Lodge), a large health & fitness centre pre-let to Virgin Active and two restaurants. Construction works have already commenced on site and are being undertaken by Wates under a fixed price design and build contract. Occupation of the first phase of apartments is scheduled for Summer 2004, with completion of the development by Summer 2006. Average selling price is expected to be £250,000. Nick Shattock, Quintain's Property Director, said: 'This joint venture agreement is another opportunity for Quintain to regenerate a currently under-developed part of London. We are delighted to be working in partnership with Countryside Properties, one of the UK's leading house builders, on what we believe will become a thriving mixed-use scheme which is already anchored by some prestigious tenants.' Richard Cherry, Group New Business Director, Countryside Properties, commented: 'We are delighted to be working with Quintain on this important mixed-use scheme where a number of important pre-lets have been secured. Together we will be creating a new urban quarter which will help to revitalise the area. Merton Abbey Mills is part of our substantial portfolio of mixed-use projects and can be seen as another example of Countryside Properties' unique and valuable development skills which continue to create new business opportunities.' - Ends - For further information, please contact: Quintain Estates and Development PLC Nick Shattock, Property Director Rebecca Worthington, Finance Director Tel: 020 7495 8968 Countryside Properties PLC Richard Cherry, Group New Business Director Guy Lambert, Corporate Communications Manager Tel: 01277 260 000 Financial Dynamics Stephanie Highett Dido Laurimore Tel: 020 7831 3113 Notes to Editors: Quintain Estates and Development PLC is a leading property investment and development company specialising in strategic property acquisition, redevelopment and asset management across the UK. Its last reported net worth was £443 million with gross assets of £760 million. This deal is an excellent strategic fit with Quintain's existing urban regeneration programme which includes 246 acres of London's designated 'Opportunity Areas'. The programme includes Greenwich Peninsula, where Meridian Delta, a joint venture between Quintain and Lend Lease, has been granted a resolution for 14 million sq ft of mixed use development and Wembley, where Quintain is due to submit a planning application in the near future for around 5 million sq ft of mixed use development. Countryside Properties PLC is a specialist development company recognised in particular for the development of sustainable communities and urban and rural regeneration. Countryside Properties' operations are mainly in London and the South East, the South West and North West of England. Other key schemes in London include major urban regeneration and mixed-use projects at Greenwich Millennium Village, Tower Hamlets, Peckham and Grahame Park in Colindale, North West London. Based in Brentwood, Essex, the Company is listed on the London Stock Exchange and is a constituent member of the FTSE4Good index. This information is provided by RNS The company news service from the London Stock Exchange

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