Quintain/Wellcome form student accomodation fund

Quintain Estates & Development has entered into a joint venture with The Wellcome Trust to establish a new student accommodation fund. The iQ Property Partnership Fund will fund and develop student accommodation which will be retained and managed on a long term basis. Quintain and Wellcome will both commit up to £100m of equity to the joint venture, including assets already contributed by Quintain. iQ’s minimum duration is five years and its initial target size is in excess of £600m. The first two iQ schemes, in Sheffield and Nottingham, have been completed, with construction underway on schemes in Birmingham, Salford and Kingston, which, when completed will have a combined value of more than £100m. 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 £250m of schemes for delivery over the next three years and a strong pipeline of further opportunities has already been identified. Quintain Fund Management, the company’s specialist fund management division, will manage iQ and provide advice to the fund.