Quintain is gearing up to exit secondary property as it brings to market a regional portfolio of 24 offices, shops and sheds.
Jones Lang LaSalle last night began marketing the Fulcrum portfolio, held in Quintain’s 98.5% owned SeQuel Fund.
Offers of around £46m are being sought, which would reflect a yield of 13.5%.
The portfolio comprises a mix of regional UK assets which together generate an annual income of £6.7m.
The properties are located in towns and cities including Southampton, Milton Keynes, Stockport, Cardiff, Coventry, Exeter, York, Leamington Spa, Sheffield, Aldershot, Bristol, Birmingham, Harlow, Dartford, Stratford, Manchester and Leeds.
A company spokeswoman confirmed Quintain was “reviewing its options for its SeQuel Fund”, but declined to comment on specifics.
She said: “The review follows a tightening of Quintain’s strategic focus on London and its two world class developments at Wembley and Greenwich. The company has previously stated that further disposals from the secondary and regional portfolio will be considered where it is believed that a transaction will be in shareholders’ interests. The SeQuel review forms part of that strategy.”
Quintain’s asset management business has £2.3bn of assets under management, focused on three areas: the WELPUT fund for central London; the iQ fund for higher education; and the Quercus fund for healthcare.
jack.sidders@estatesgazette.com
