Quintain Estates & Development has sold two of its assets in Wales and Hemel Hempstead for more than £10m.
In Cardiff it has sold St David’s House for £9.3m, reflecting a profit over cost of £4m and a 2.8% premium to the September 2008 valuation of the asset. The buyer was not named.
Following this sale, Quintain said it has repatriated a total of £94m of cash against its target of £100m, originally announced in August 2008.
It has also agreed the sale of Viking and Saxon House in Hemel Hempstead, for £1.48m, which compares to a 30 September valuation of £1.8m and delivers a profit over cost of £1.m.
Completion of this sale will increase the total cash repatriated to £95.5m.
Rebecca Worthington, Quintain’s finance director, said: 'The combination of these latest disposals, the progress being made in reducing costs and the flexible new gearing agreement announced last week materially increases the headroom available to Quintain in its relationship banking facilities.'
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