Quintain Estates & Development Plc. (QED.L) confirmed Monday that it is in detailed discussions with Palace Capital plc. (PCA.L) regarding the sale of Quintain Signal Member A Ltd, the owner of the SeQuel regional property portfolio.
Quintain said that the proposed disposal is in line with its strategy to exit non-core assets outside London and recycle capital.
The agreed purchase price is about 40 million pounds, broadly in line with the 31 March 2013 valuation. The transaction is conditional on Palace Capital raising the equity component of the consideration via a placing, with credit committee approval already received by them from a UK Lender for the debt component.
There can be no certainty the transaction will proceed as it is subject to Palace Capital plc raising the necessary equity and further updates will be provided as appropriate, Quintain Estates said.
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by RTT Staff Writer
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