Business
Quintain and Living PlanIT An
Quintain and Living PlanIT An.
About this update from Quadrise Plc
[{"type":"text","content":"\n RNS Number : 6989W Quintain Estates & Development PLC 24 November 2010 \n \n\n \n24 November 2010 \nQuintain Estates & Development plc\n(\"Quintain\" / \"Company\" / \"Group\")\n \nQuintain and Living PlanIT Announce Landmark Deal\n \nQuintain Estates and Development plc has entered into a framework agreement to supply real estate consultancy to Living PlanIT SA (\"Living PlanIT\"), the urban technology specialist with the right to develop a 1,700 hectare city at Paredes in Northern Portugal.\n \nQuintain's fee will be 3.5% of construction costs, with a minimum payment of Euros 12 million for each of the first two years, from 1 January 2011.\n \nQuintain's core business is the development of new communities, and this agreement leverages the existing skill set within the Group to create a material new income stream in line with the key strategic objective of returning the Group to a cashflow positive status. The agreement sees Quintain appointed a Platinum Partner of Living PlanIT alongside global brands such as Cisco Systems, BuroHappold, and McLaren Electronic Systems. \n \nLiving PlanIT enables the development of intelligent and sustainable urban-scale environments, using a new approach to design, construction, operation and maintenance. These enable faster, cheaper and higher quality developments while significantly reducing impact on the environment through the reduction of energy, water and waste. Its first scheme at Paredes, PlanIT Valley, is endorsed by the Portuguese Government, and awarded Project of National Importance designation.\n \nIts real estate platforms are technology-enabled, ensuring that the resulting development benefits from increasingly efficient city management and secures significant sustainable economic growth.\n \nCisco intends to create its first global innovation centre for sensor networks at PlanIT Valley and demonstrate its \"Smart and Connected Communities\" vision and technologies at urban scale. Construction of the first phase will begin in the first quarter of 2011.\n \nAdrian Wyatt, Chief Executive of Quintain, commented: \"This agreement capitalises on Quintain's core skills and expertise in its natural marketplace of urban development. For our partners, it delivers the real estate capabilities necessary to translate the model int...