Business
Pre Close Statement
Pre Close Statement.
About this update from Quadrise Plc
[{"type":"text","content":"\n RNS Number : 5643T Quintain Estates & Development PLC 30 September 2010 \n \n\n \n30 September 2010 \nQuintain Estates & Development plc\n(\"Quintain\" / \"Company\" / \"Group\")\n \nPRE-CLOSE STATEMENT\n \nQuintain Estates & Development plc sets out below a trading update for the six months to 30 September 2010, ahead of the interim results announcement on 26 November.\n \nMilestones Update\nStrong progress has been made during the period regarding the nine milestones for the financial year, which were announced on 3 June 2010. As reported on 10 August, the first two have been achieved with the significant expansion of operational beds within iQ and the sale of Pier Walk at Greenwich. Good progress has also been made regarding six of the remaining milestones, and the Board is confident of further delivery during the current calendar year.\n \nFund Management News\nQuercus Fund\nOver the last six months, £57m of assets have been acquired by the Quercus Healthcare Fund using a combination of the equity raised at a 5% premium to NAV in February from the Fund's existing investors and new debt funding from Santander. The new assets, which comprise elderly care facilities, are all let on 30 or 35 year leases and expand the operator base of the Fund to 37. Contracts regarding the acquisition of an additional eight care homes at a total cost of £29m were also exchanged during September, which will increase further the rental income of the Fund on completion.\n \niQ Fund\nPrior to the start of the academic year, our student accommodation fund achieved 97% occupancy across the expanded portfolio. This compares with 86% at the same point in the previous academic year. The combination of this high level of occupancy and the 20% expansion in beds is anticipated to deliver an increase of over £2 million in Quintain's share of the annualised rent roll. \n \nUrban Regeneration News\nWembley City\nPlans for the London Designer Outlet (\"LDO\") at Wembley City were unveiled this month to the retail sector. The 350,000 sq ft centre will be the only one of its kind within the M25 as well as the closest designer outlet for six million people in the south east. Comprising 85 retail units, 15 restaurants and a nine screen, 1,800-seat cinema, the centre will also benefit from the current footfall...