Solid progress for Quintain despite property downturn

PROPERTY group Quintain yesterday said its strategic business plan is well underway after it achieved two of the milestones it set itself in June and added a chunk to its annualised income in the first quarter of the year.

The group said it had added £3.5m to its annualised income since the end of the last fiscal year, through new lettings, acquisitions and sponsorship deals. It has also acquired £29m of new assets for Quercus, its healthcare arm, along with outline planning consent for a 275 acre mixed-use scheme in Bristol.

Earlier this month Quintain sold its 50 per cent stake in the Pier Walk building in Greenwich to a subsidiary of DekaBank for £97m, giving a yield of 5.9 per cent on its investment.

The group has also received record reservations for its iQ student accommodation scheme in Edinburgh for the coming year. It has upped capacity at the accommodation by 635 beds, a 20 per cent expansion of the portfolio.

Chief executive Adrian Wyatt said: “While the recovery in the property sector has yet to become widespread or gather momentum, our focus on the fulfilment of our strategy is unequivocal and we anticipate the delivery of further milestones before the end of the calendar year.”