Re Joint Venture

Quintain Estates & Development PLC
16 June 2004

16 June 2004


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

                      QUINTAIN AND COUNTRYSIDE PROPERTIES
                      SELL THE COMMERCIAL ELEMENT OF THEIR
                    MERTON ABBEY MILLS DEVELOPMENT FOR £15.6M

Quintain and Countryside Properties PLC ('Countryside Properties') are pleased
to announce that they have forward sold the commercial element of their
mixed-use development at Merton Abbey Mills, South London to AXA Sun Life for
£15.56m, reflecting a net initial yield of 7%.

The commercial element of the Abbey Mills scheme comprises a 51,000 sq.ft health
and fitness unit pre-let to Virgin Active; a 132-bedroom hotel, pre-let to
Premier Lodge; and two stand-alone restaurants of 3,326 sq.ft and 3,189 sq.ft
let to KFC and Pizza Hut respectively.

The remainder of the development comprises 276 contemporary apartments for sale,
with build completion of the development anticipated by Summer 2006. The entire
scheme has a completed development value of approximately £89 million.

Nick Shattock, Quintain's Property Director, said:

'We are pleased to have extracted some value early from this major mixed-use
scheme demonstrating the progress which has been made by the joint venture. We
now look forward to working with Countryside to deliver the remainder through to
sale over the next couple of years.'

Graham Cherry, Countryside Properties' Chief Executive, commented:

'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 skills which continue to create new business opportunities.  This
forward sale confirms that there is a strong investment appetite for well
designed well-let commercial investments, which form part of larger mixed-use
schemes.'


                                    - ENDS -


For further information, please contact:

Quintain Estates and Development PLC
020 7495 8968
Nick Shattock/ Rebecca Worthington

Financial Dynamics (for Quintain)
020 7831 3113
Stephanie Highett/Dido Laurimore

Countryside Properties PLC
01277 260000
Graham Cherry, Chief Executive
Richard Cherry, Group New Business Director

Weber Shandwick Square Mile
020 7067 0700
Nick Oborne / Louise Robson


Notes to Editors:

Quintain Estates and Development PLC is a leading UK property investment and
development company specialising in strategic property acquisition,
redevelopment and asset management in all property sectors.  Quoted in the FTSE
250 and a member of the FTSE4Good Index, Quintain's current net worth is around
£450 million with gross assets in excess of £750 million.  Quintain has a
programme of urban regeneration projects which include the Greenwich Peninsula
(where, through its interest in Meridian Delta Limited, it has been granted a
resolution for 14 million sq ft of mixed use development) and Wembley (where it
has resolution to grant outline planning consent for a flagship regeneration
project involving 5.3 million sq ft of development on 42 acres of brownfield
site surrounding the new National Stadium).  Quintain has developed circa
2,000,000 sq ft of assets over the last five years and also has expertise in
less traditional undertakings such as social housing, student accommodation,
hospitals and nursing homes.

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 major City Centre
regeneration projects include Anglia Polytechnic University in Chelmsford,
Essex, Guildford Railway Station in Surrey and the remodelling of Fairfield
Halls in Croydon. 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