Quintain targets £150m in sell-offs as it focuses on London
Tuesday 27 November 2012
Quintain is aiming for about £150m in property sell-offs as it funnels resources into its vast Greenwich and Wembley developments in London and cuts debt, the company said yesterday.
Weak property markets outside the capital dragged on the firm in the six months to September as the value of its overall portfolio slipped £19.1m, or 1.7 per cent, to £1.11bn.
The chief executive, Max James, said: "[The regional property] only accounts for around 10 per cent of the portfolio but there has been a bit of a drag on the valuation."
Proceeds from the sales will be spent on Wembley and the Greenwich peninsula. Quintain hopes to build 15,000 homes in the two areas over the next 10 to 15 years, as well as cutting its debt below £400m by March 2014. Momentum behind the Greenwich scheme has risen since Quintain struck a joint-venture deal with Knight Dragon, the private investment vehicle of Hong Kong billionaire Henry Cheng Kar-Shun.
- 1 Mystery of the Siberian holes at the end of the world 'solved': Scientists offer explanation
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 Israel's propaganda machine is finally starting to misfire
- 5 Sean Hannity reacts to Russell Brand's Israel-Gaza criticism: 'You're a dumb actor known for your failed marriage to Katy Perry'
Lost portraits of the Somme: 100 images of Tommies posing before they went over the top. Now can you help to identify them?
Mystery of the Siberian holes at the end of the world 'solved': Scientists offer explanation
Pope Francis issues top 10 tips for happiness
Sabina Altynbekova, the girl branded 'too good looking' for volleyball, says social media obsession with her is a 'bit much'
Ashley Cole tweets unsettling meme of him stalking ex-wife Cheryl Cole and new husband Jean-Bernard Fernandez-Versini
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
A new Russian revolution: The cracks are starting to appear in Putin’s Kremlin power bloc
- < Previous
- Next >
iJobs Money & Business
£300 - £350 per day: Orgtel: Financial Analyst, Forecasting, Halifax, Banking,...
£500 per day: Orgtel: Business Architect - Banking - Bristol - £500 per day A...
£200 - £500 per day + competitive: Orgtel: I am currently working on a large p...
£18000 - £23000 per annum + Commission: SThree: Real Staffing are currently lo...