Reigate Office Joint Venture Sold for £5.5m

Quintain Estates & Development PLC
7 December 1999
               
                                      
     QUINTAIN SELLS JOINT VENTURE REIGATE OFFICE DEVELOPMENT FOR £5.5m

Quintain Estates and Development plc ('Quintain') today announces the sale of
its recently completed joint venture office development in Reigate to a
private investor for £5.5m cash, reflecting an initial yield of 6.75% and a
£2m gross profit over book costs.

Acquired as part of the English & Overseas Properties portfolio earlier this
year the 14,000 sq ft high quality office scheme, known as Tunrose House, has
been developed in conjunction with Tufton Services Limited.

Located on London Road, Reigate, the self-contained building is arranged over
three floors and has parking for 50 cars. The development adjoins Reigate
station and is within 1.5 miles of Junction 8 of the M25.

Tunrose House has been acquired for owner occupation and the sale price
equates to a rental of £27 a sq ft which is believed to be a new record for
Reigate office rents. It is anticipated that the sale will generate a gross
profit to Quintain of approximately £1.1m.

Adrian Wyatt, Quintain's Chief Executive, commented: 'The sale of Tunrose
House is an excellent practical example of Quintain's corporate strategy at
work. The development was acquired through our corporate acquisition programme
and identified as a scheme with tremendous profit potential on completion. We,
and our partners, have completed the development and delivered the profits,
reflecting a near 30% return.'

Quintain was advised in the sale by DTZ Debenham Thorpe and Stuart Edwards
Fullermoon while Phillips Wilks acted for the purchaser.                        
       

Contact:   Adrian Wyatt, Chief Executive,
           Quintain Estates                          Tel: [phone]
           Baron Phillips,
           Baron Phillips Associates                 Tel: [phone]