Re: Joint Venture

Quintain Estates & Development PLC
28 February 2007

28 February 2007



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

                QUINTAIN ANNOUNCES JOINT VENTURE AGREEMENT WITH
                     LACE MARKET PROPERTIES JOINT VENTURES



Quintain is pleased to announce the creation of a joint venture between Quintain
Regional Partnerships Limited ('QRP'), a wholly owned subsidiary of Quintain,
and Lace Market Properties Joint Ventures Limited ('LMPJV'), a wholly owned
subsidiary of Lace Market Properties Limited.  The joint venture will create a
newly incorporated company called Quintain City Partnerships Limited ('QCP'),of
which 50 per cent. will be owned by QRP and 50 per cent. by LMPJV.



QCP has been created to undertake large scale property development schemes (the
'Schemes') which will be mainly residential in terms of use.  Each property
development will comprise at least two blocks of accommodation and have an
anticipated cumulative gross development value of at least £50 million.  QCP may
also carry out other mixed use developments as agreed by the joint venture
parties.  It is anticipated that LMPJV will use its extensive network of
contacts to identify and source Schemes across the Midlands and North.



The Schemes are to be carried out by special purpose vehicles which will be
wholly owned by QCP.  No Scheme shall be commenced unless certain conditions
have been met (or waived by the joint venture parties).



Funding to enable the acquisition and development of Scheme properties will be
provided by QRP and LMPJV equally, in the form of redeemable preference shares
in the capital of QCP and by way of loans carrying interest.  In addition, QRP
will provide an initial loan of up to £750,000 for working capital purposes.



LMPJV and QRP have agreed that their respective financial commitment to the
joint venture shall not exceed £100 million.  Profits of the joint venture will
be shared 50/50 between QRP and LMPJV.

Lace Market Properties is a specialist urban regeneration developer which was
established in Nottingham in 1998 to bring the concept of New York-style loft
living to Nottingham's historical Lace Market district.  Since 1998 the company
has completed over 700 apartments.  It currently has circa 690 under
construction and over 3,500 apartments going through the planning process.

Lace Market Properties has an in-house architectural team, which explores and
realises the potential of development sites.  It also has its own interior
design team, which is well known for using quality brands to create bespoke,
modern, spacious atmospheric interiors.

Lace Market Properties is now one of the largest and most active mixed use
developers in the East Midlands and will use the joint venture as a springboard
to expand into other UK cities.

Nick Shattock, deputy chief executive of Quintain, commented:

'The signing of this joint venture is a significant step forward in broadening
Quintain's urban regeneration activity throughout the rest of the United
Kingdom.  The Lace Market Group is widely acknowledged in the East Midlands as a
specialist in the development of high-quality new-build apartments.  The joint
venture is now poised to combine our respective capabilities and to export this
successful approach to other selected towns and cities across the Midlands and
North of the UK.'





For further information, please contact:



Quintain

Rebecca Worthington/Hilary Reid-Evans

Tel: [phone]



Financial Dynamics

Stephanie Highett / Dido Laurimore

Tel: [phone]





Notes to Editors



Quintain Estates and Development PLC



Quintain is a leading property investment and development company specialising
in strategic property acquisition, redevelopment, asset management and
regeneration across the UK. Quintain is responsible for the regeneration of 70
acres of land surrounding the new Wembley Stadium and, with their partner Lend
Lease, Quintain is also leading the £5bn regeneration of the Greenwich
Peninsula. Current land holdings also include 65 acres at Emerson's Green East
where Quintain is working to bring forward a major residential led mixed use
scheme.



Quintain is listed on the London Stock Exchange and is a member of the FTSE 250.




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