Quintain has announced a joint venture tie-up with east Midlands regeneration specialist Lace Market Properties (LMP) to target principally residential schemes in the
Quintain Regional Partnerships Limited (QRP), a wholly owned subsidiary of Quintain, and Lace Market Properties Joint Ventures Limited, a wholly owned subsidiary of Lace Market Properties will form a 50:50 company to be called Quintain City Partnerships (QCP).
Quintain said mainly residential “large- scale” developments would be pursued comprising at least two blocks of accommodation with an anticipated cumulative gross development value of at least £50m.
It added that it may carry out other mixed-use developments and expected that LMPJV to use its contacts to identify and source schemes across the
Schemes will be carried out by special purpose vehicles wholly owned by QCP.
Funding will be provided by QRP and LMPJV equally, in the form of redeemable preference shares in the capital of QCP and by way of loans carrying interest.
In addition, QRP will provide an initial loan of up to £750,000 for working capital purposes.
The duo have agreed that their respective financial commitment to the joint venture shall not exceed £100m. Profits will be shared 50/50.
Lace Market Properties was established in Nottingham in 1998 to bring the concept of New York-style loft living to
Since then it has completed over 700 apartments. It has around 690 under construction and over 3,500 apartments going through the planning process.
Nick Shattock, deputy chief executive of Quintain, said: “The signing of this joint venture is a significant step forward in broadening Quintain’s urban regeneration activity throughout the rest of the
