Re Joint Venture - Replace

RNS Number:0775R
Quintain Estates & Development PLC
20 October 2003

The 'Re Joint Venture' announcement for Quintain Estates & Development PLC
released today, at 11:10 under RNS No 0729R has been re-released in the 
interests of market clarity.


20 October 2003

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


           QUINTAIN AND COUNTRYSIDE FORM JOINT VENTURE TO UNDERTAKE 
             #89 MILLION MIXED-USE DEVELOPMENT IN LONDON SW19
 

Quintain Estates & Development PLC ("Quintain") has entered into a joint venture
agreement with Countryside Properties PLC ("Countryside Properties") to develop
a prominent 9.4 acre brownfield site adjacent to the existing Merton Abbey Mills
Market in Colliers Wood, London SW19.

A joint venture vehicle has been set up by the two companies to develop the
scheme which has a completed development value of #89 million.  A non-recourse
project loan is being provided by Barclays.

This major new mixed-use development will include 283 contemporary apartments
for sale on the River Wandle, a 132 bed hotel pre-let to Scottish & Newcastle
(Premier Lodge), a large health & fitness centre pre-let to Virgin Active and
two restaurants.

Construction works have already commenced on site and are being undertaken by
Wates under a fixed price design and build contract.  Occupation of the first
phase of apartments is scheduled for Summer 2004, with completion of the
development by Summer 2006.  Average selling price is expected to be  #250,000.

Nick Shattock, Quintain's Property Director, said:

"This joint venture agreement is another opportunity for Quintain to regenerate
a currently under-developed part of London.  We are delighted to be working in
partnership with Countryside Properties, one of the UK's leading house builders,
on what we believe will become a thriving mixed-use scheme which is already
anchored by some prestigious tenants."

Richard Cherry, Group New Business Director, Countryside Properties, commented:

"We are delighted to be working with Quintain on this important mixed-use scheme
where a number of important pre-lets have been secured.  Together we will be
creating a new urban quarter which will help to revitalise the area.  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
development skills which continue to create new business opportunities."


                                    - Ends -


For further information, please contact:



Quintain Estates and Development PLC

Nick Shattock, Property Director

Rebecca Worthington, Finance Director

Tel: [phone]


Countryside Properties PLC

Richard Cherry, Group New Business Director

Guy Lambert, Corporate Communications Manager

Tel: [phone]



Financial Dynamics

Stephanie Highett

Dido Laurimore

Tel: [phone]



Notes to Editors:



Quintain Estates and Development PLC is a leading property investment and
development company specialising in strategic property acquisition,
redevelopment and asset management across the UK. Its last reported net worth
was #443 million with gross assets of #760 million. This deal is an excellent
strategic fit with Quintain's existing urban regeneration programme which
includes 246 acres of London's designated "Opportunity Areas". The programme
includes Greenwich Peninsula, where Meridian Delta, a joint venture between
Quintain and Lend Lease, has been granted a resolution for 14 million sq ft of
mixed use development and Wembley, where Quintain is due to submit a planning
application in the near future for around 5 million sq ft of mixed use
development.

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 key schemes in
London include major urban regeneration and mixed-use projects at Greenwich
Millennium Village, Tower Hamlets, Peckham and Grahame Park in Colindale, North
West London.  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


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