Business
Proposed Disposal of Interests in GPRL JV
Proposed Disposal of Interests in GPRL JV.
About this update from Quadrise Plc
[{"type":"text","content":"\n \nRNS Number : 1119S Quintain Estates & Development PLC 04 November 2013 \n \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF THAT JURISDICTION\nALL TERMS ARE DEFINED IN THE APPENDIX TO THIS ANNOUNCEMENT\n4 November 2013\nQuintain Estates and Development plc (\"Quintain\" or the \"Company\")\nProposed Disposal of the Company's Interests in GPRL Joint Venture \nSummary \n· The Board of Quintain today announces that the Company has entered into a conditional Sale and Purchase Agreement for the sale of its remaining interests in Greenwich Peninsula Regeneration Limited (\"GPRL\") to the Company's current joint venture partner, Knight Dragon Limited (\"Knight Dragon\") (an investment vehicle ultimately owned by Dr. Henry Cheng Kar-Shun, a Hong Kong-based businessman). \n· The total aggregate proceeds to be received on Completion by Quintain is £230 million and includes the acceleration of Knight Dragon's existing obligations to pay the Company £50 million on a deferred basis in three instalments over a six-year term pursuant to arrangements entered into on completion of the GPRL joint venture in July 2012. \n· The profit that Quintain will realise from the Transaction will result in an increase in net assets of approximately £34.6 million, or 7 pence (6.4 per cent.) per Ordinary Share. \n· The Board of Quintain believes the proposed Transaction presents a compelling opportunity to maximise value for Shareholders, delivering increased certainty by crystallising future profits and cash flows from the Company's 40 per cent. stake in GPRL at an early stage.\n· In less than 18 months, Quintain has introduced a new partner to Greenwich Peninsula, with which it has materially enhanced the value of the site, and is now realising its share of the value of these endeavours. In doing so, Quintain has unlocked the development of this important site for London and the inherent value within it for Shareholders. \n· The assets being disposed represent approximately 20 per cent. of Quintain's gross asset value and, as well as generating an increase in net assets of £34.6 mi...