Re Property Transactions

Quintain Estates & Development PLC
10 June 2004

10 June 2004


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


QUINTAIN ANNOUNCES SALE OF ONE NEATHOUSE PLACE AND THE PARISHES SHOPPING CENTRE,
SCUNTHORPE AND MAKES FIVE ACQUISITIONS

Quintain announces today that it has made two strategic disposals, totalling
£111 million with an exit yield of 6.3% and acquired five other properties with
an average initial yield in excess of 8% for a total of £27.5 million.

Disposals

•        Quintain has completed on the sale of One Neathouse Place, London, SW1
         for £67.8 million to Asticus, the UK arm of German fund, IVG.  The sale 
         price reflects a yield of 6.68% and represents a £20 million surplus on 
         cost.

         The 95,000 sq ft  prime office building is principally let to BHP 
         Billiton on a lease with eight years remaining. Following the 
         successful conclusion of a rent review in April 2004, the total gross 
         rental income on the property is £4.79 million per annum.

•        Quintain has completed the sale of The Parishes shopping centre,
         Scunthorpe for £43.15 million to Translloyd Developments Limited.  The 
         sale price reflects a yield of 5.4% and represents an £8.7 million 
         surplus on cost.

         The 210,535 sq ft town centre retail and leisure scheme was developed 
         by Quintain.  It opened in October 2002 and has 16 tenants, including 
         Hennes & Mauritz, Littlewoods, Woolworths and a seven screen multiplex 
         cinema.  The current passing rent on the property is £2.4 million per 
         annum.

Acquisitions

•        Quintain has purchased Sapphire House, Stafford Park, Telford, a long
         leasehold office building of 90,150 sq ft.  The property is let to 
         Tatung (UK) Ltd until 2017 at a rent reflecting £12.50 per sq ft.  The 
         price paid was £12.9 million reflecting a net initial yield of circa 
         8.25%.

•        Quintain has acquired the ICS Buildings in Maldon, Essex.  This office
         and industrial complex comprises a Grade II listed converted mill 
         office building of 41,623 sq ft and two warehouse units of 31,464 sq ft 
         and associated parking. The purchase price of £4.2 million reflects a 
         net initial yield of 9.88%.  The property is let to ICS ('Industrial 
         Control Services') Properties Ltd until June 2012 at a rent of £440,000 
         per annum.

•        Quintain has also acquired a warehouse unit at Foleshill Enterprise
         Park, Coventry totalling 94,500 sq ft.  The unit is let to a subsidiary 
         of Bowater for 25 years at a rent of £523,000 per annum.  The purchase 
         price of £6.5 million reflects an initial yield of 7.6%.

•        Quintain has acquired 14 Cathedral Road, Cardiff, a multi-let office
         building in the centre of Cardiff comprising 18,067 sq ft, for £2.7 
         million, reflecting a net initial yield of circa 8.25%.  Tenants 
         include the Velindre NHS Trust, the Prudential Assurance Company and 
         Alfred McAlpine Construction Ltd.

•        Quintain has also purchased land adjoining the ICS site in Maldon,
         comprising a freehold vacant warehouse with ancillary offices of 
         41,727sq ft, on a site of 1.4 acres. The price paid was £1.2 million.

Commenting, Nick Shattock, property director, Quintain, said:

'These acquisitions and disposals illustrate the proactive approach we take to
the development and management of our assets.  We originally acquired One
Neathouse Place and The Parishes, Scunthorpe through the acquisition of
Chesterfield Properties in 1999.  Since then at Neathouse Place, active
management of the asset, concluding in the successful settlement of a rent
review and the resolution of an outstanding litigation with the tenant, has
provided us with the right environment to secure an attractive price for this
asset.  At Scunthorpe, having secured significant pre-lets, we built out the
scheme in joint venture with Wykeland.

'The decision to sell these assets reflects our strategy to reinvest the
proceeds of strategic disposals back into the Company's activities, including
recent acquisitions, which we believe offer better earnings and growth
potential.'
                                     -Ends-

For further information, please contact:

Quintain                                       Financial Dynamics
Nick Shattock/ Rebecca Worthington             Stephanie Highett/Dido Laurimore
Tel: [phone]                             Tel: [phone]




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