Quintain continues to rebuild its balance sheet after a solid quarter when it took in £90m following key sales and development completions.
The listed developer and fund manager said the capital – which included proceeds from the creation of a joint venture with Hong Kong investor Knight Dragon to bring forward its £5bn Greenwich regeneration scheme (pictured) – would be used to reduce its gearing.
The capital also includes proceeds from the disposal of the Plaza Hotel and the sale to Keystone & Partners Real Estate of the Wembley student accommodation building, both in north-west London.
In addition, Quintain said it would this month receive £54m following the completion of the iQ Shoreditch student scheme, E1, of which £24.5m would be used to meet development costs.
After receiving the iQ Shoreditch cash, on a pro forma basis, gearing will reduce from 87% at the year end to around 75%.
The firm did not provide an update on its search for a partner at its 350,000 sq ft London Designer Outlet, which forms part of its revamp of Wembley.
