Re Joint Venture

RNS Number:3656T
Wellcome Trust Finance plc
20 March 2007



21 March 2007


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

                        The Wellcome Trust ("Wellcome")


                QUINTAIN AND THE WELLCOME TRUST LAUNCH STUDENT 
                              ACCOMMODATION FUND



Quintain Estates & Development PLC announces that it has entered into a 50/50
joint venture with The Wellcome Trust ("Wellcome") to establish the iQ Property
Partnership Fund ("iQ" / the "Fund").

iQ will fund and develop student accommodation which will be retained and
managed on a long term basis. Quintain and Wellcome have each committed up to
#100 million of equity to the joint venture, which includes the assets already
contributed by Quintain. iQ's minimum duration is 5 years and its initial target
size is in excess of #600 million.

The first two iQ schemes, in Sheffield and Nottingham, have been completed. Both
properties opened on time and have been well received. QFM is also making rapid
progress with the construction of its schemes in Birmingham, Salford and
Kingston, which, together with the completed schemes will have a combined value
of more than #100 million. Birmingham and Salford are due for completion in late
summer 2007, and Kingston's completion is expected in late summer 2008. Terms
have been agreed for a further #250 million of schemes for delivery over the
next three years and a strong pipeline of further opportunities has already been
identified.

Quintain Fund Management ("QFM"), the Company's specialist fund management
division, will manage iQ and provide advice to the Fund.

Commenting on behalf of QFM, Tonianne Dwyer, an executive director of Quintain 
and head of QFM, said:

"The launch of iQ and our partnership with The Wellcome Trust marks another
significant step forward for our fund management business. QFM was established
precisely to capture the growing interest of investors in niche sectors and we
are delighted to launch this student accommodation fund alongside our existing
healthcare and science park vehicles.

We have already made substantial progress with our existing and pipeline
projects and are confident that we will be able to make rapid progress towards
achieving our initial target size of over #600m for iQ."

Peter Pereira Gray, Co Head of Portfolio Management of The Wellcome Trust, 
added:

"The student accommodation sector is dynamic and fast-growing and we are pleased
to have added to our existing portfolio and secured further access to this
market through this co-investment with Quintain. The regeneration and economic
benefits of well-designed student accommodation are clear and these factors,
coupled with our belief in strong capital and income growth prospects for the
sector, reinforced our decision to invest in the iQ."



For further information, please contact:

Quintain
Rebecca Worthington/Tonianne Dwyer 
Tel: [phone]

Financial Dynamics
Stephanie Highett / Dido Laurimore 
Tel: [phone]

Wellcome Trust
Peter Pereira Gray / Alan Lynch 
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. 


Quintain Fund Management

Quintain Fund Management was created to invest alongside partners in niche
sectors where specialist asset management can deliver attractive returns and
stable long term fee income. As at 31 December 2006, QFM's assets under
management totalled #600 million through its two partnerships with Morley Fund
Management - Quercus, its healthcare fund, and Quantum, a science park fund.


The Wellcome Trust

The Wellcome Trust is an independent registered charitable trust, established
under the will of Sir Henry Wellcome in 1936. The Trust is the second largest
biomedical research funding foundation in the world with a mission to "foster
and promote research with the aim of improving human and animal health". It is
the largest charitable trust in the UK, managing a highly diversified investment
portfolio (#13.9 billion as at 30 September 2006). The Wellcome Trust funds a
diverse range of high profile research that will lead to better understanding of
major diseases and the development of better treatments for future generations.




                      This information is provided by RNS
            The company news service from the London Stock Exchange

END

JVEILFLTVEIIFID