Re Wembley

Quintain Estates & Development PLC
02 February 2004

2 February 2004


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


                         UPDATE ON PROGRESS AT WEMBLEY


Quintain announces that Lord McIntosh, Minister for Heritage, has confirmed that
the Department for Culture, Media and Sport has removed the Palace of Arts and
Industries buildings in Wembley from the statutory list.



This change of listing status will enable Quintain to progress its plans for the
development of this strategic 15 acre site as an integral part of the Company's
regeneration of the area around the National Stadium.  As previously announced
to shareholders, an outline planning application was delivered to the offices of
Brent Council on 31 October 2003 comprising detailed plans for the regeneration
of 42 acres at Wembley, excluding the Palace of Arts and Industries site.



The Palace of Arts and Industries site faces the entire length of Wembley Arena
and also borders Olympic Way (also known as Wembley Way) - the main pedestrian
access to Wembley Stadium - which will form Quintain's proposed Wembley Park
Boulevard from Wembley Park Station.



Quintain originally purchased the Palace of Industries on 31 March 2003, for an
initial payment of £12 million, providing an initial yield of 9.2%, with a
further payment of £5 million due in 2008.  It is currently used as warehousing
by tenants including Great Universal Stores and Burberry.





Nick Shattock, Director of Quintain Estates and Development, said:



'The decision to de-list this strategically positioned site enables us to move
rapidly forward with our plans to deliver an appropriate setting for the
National Stadium and the re-launched Wembley Arena.  We are grateful to everyone
involved who has supported our application and believe that this outcome will
ensure real momentum for our drive to deliver massively improved local
facilities and a step-change in perception of the sort of place Wembley can be.



'We will now actively assess plans for this site and undertake more local
community consultation before submitting a planning application to Brent Council
later this summer.'





For further information, please contact:

Quintain
Nick Shattock/Rebecca Worthington
020 7495 8968

Financial Dynamics
Stephanie Highett/Dido Laurimore
020 7831 3113


Notes to Editors



  • Quintain owns 58 acres of land surrounding the national stadium at Wembley



  • On 31 October 2003, the Company submitted an outline planning application
    to Brent Council for a first phase regeneration covering 42 acres.  This
    application included plans for:



      • 6,100 jobs
      • Up to 3,727 new apartment homes for 8,500 people (including 40%
        affordable housing)
      • Some student accommodation and nursing home / special care bed spaces
      • Areas of open space covering over half the site and including Arena
        Square (the size of Leicester Square) and a pedestrian and public
        transport only Wembley Park Boulevard (as wide as Regent Street)
      • A new cinema and other new leisure facilities (147,000 square feet /
        13,700 square metres)
      • New shops - designer outlets (153,000 square feet / 14,200 square
        metres), sports retailing (127,000 square feet / 11,800 square metres)
        and stores for the local community living and working on the site
        (86,000 square feet / 8,000 square metres).
      • New restaurants, cafes and bars (137,000 square feet / 12,700 square
        metres).
      • New community facilities (88,000 square feet / 8,200 square metres).
      • New offices and workspace (678,000 square feet / 63,000 square metres)
      • A flagship new 400 bedroom, international standard hotel
      • £20 million to refurbish and update Wembley Arena
      • Parking for the national stadium and the new community.




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