Quintain Estates and Developments said today that it had completed £63m of sales in order to pay down debt.

The company said that on top of £17m of sales announced in August, it had raised a further £46m through the repayment of money it had lent to a third party and the sale of a stake in a subsidiary, Redhill Aerodrome Ventures.

It said the sales put it on track to achieve its target of paying back £100m of debt by the end of its financial year in March 2009.

Quintain revealed the sales in a pre-close trading statement released to the Stock Exchange this morning.

It said it had also let five acres of its Silvertwon site in east London, owned in joint venture with The London Development Agency, to Laing O’Rourke, and that residential mortgage completions at its Wembley City site were also progressing well.