Quintain says the outlook for property is brighter

REAL estate developer Quintain Estates and Development said it saw signs of an upturn in market conditions and aimed to attract more outside investors to a new property fund over the coming year.<br /><br />Its financial position continued to strengthen and its underlying business was sound, Quintain said.<br /><br />Rental collection, with three tenants in administration, was at 96.5 per cent prior to 29 September, the collection day for the third quarter, down from 99.5 per cent a year earlier, the group said.<br /><br />There was evidence that challenging market conditions were beginning to improve, Quintain said, adding it had repatriated a total of &pound;141m of cash to date, including &pound;43.5m the first half.<br /><br />The company had transferred real estate valued at &pound;83.3m from its investment portfolio to form the core assets of a new fund.<br /><br />Chief executive Adrian Wyatt said: &ldquo;The cash has initially been used to pay down corporate debt, thereby significantly increasing headroom on the corporate gearing covenant.&rdquo;