×
263
Fashion Jobs
CROCS
Associate Demand Planner
Permanent ·
CROCS
HR Manager
Permanent ·
BRIDGING TALENTS
Quality Control Manager ii Retail Fashion Brand ii Jaipur / Bangalore
Permanent · Bengaluru
ALLEGIS GROUP
Opening For Sales Manager - Chennai & Kolkata
Permanent · Chennai
IDFC FIRST BANK
Opening For Area Sales Manager - Corporate Salary Mumbai
Permanent · Mumbai
TAKSHAKA INTERIORS
Req. Production Manager/Executive -Wood Furniture
Permanent · Gurugram
TATA AUTOCOMP
Opening For Production Head at Chinchwad Plant
Permanent · Pune
SKYNET OUTSOURCING SERVICES
Production Manager Api Industries-Bharuch,Ankelshwar Location
Permanent · Bharuch
THE BANYAN HR CONSULTS
Regional Sales Manager For Women's Wear Garments CO For Delhi & Ncr
Permanent · National Capital Region
PEOPLE ALLIANCE WORKFORCE
Quality Manager / Quality Head - Garments Manufacturing Company
Permanent · National Capital Region
NIKE
Senior Technical Product Manager, ed&a – Tpmo
Permanent · Bengaluru
RANDSTAD
Area Sales Manager
Permanent · Gurugram
3F INDUSTRIES
Technologist/Production Manager For Our Amino Acid Plant
Permanent · Chennai
3F INDUSTRIES
Chemical Technologist/Production Manager For Our (Cbg) Plant
Permanent · Chennai
NEWGEN
Sales Manager (South India)
Permanent · Chennai
JOBSGURU CONSULTANT
Production Manager Outsourcing - Mumbai
Permanent · Mumbai
PEOPLE ALLIANCE WORKFORCE
Asst. Manager Quality/Quality Line Officer/qa & qc- Garments Industry
Permanent · National Capital Region
DR LAL PATHLABS
Area Sales Manager : Corporate Sales l dr Lal Pathlabs
Permanent · National Capital Region
TIME TECHNOPLAST
Regional Manager
Permanent · National Capital Region
ADIDAS
sr. Manager Sales Excellence
Permanent · GURUGRAM
RRD
Associate Production Manager
Permanent · Chennai
GOKALDAS EXPORTS
Asst Manager - Production Planning (Apparel / Garment Background)
Permanent · Bengaluru
By
Reuters
Published
Nov 29, 2011
Reading time
2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

Quintain seeks new partner for outlet mall

By
Reuters
Published
Nov 29, 2011

LONDON - Quintain Estates and Development (QED.L) said it is looking for a new funding partner for its London Designer Outlet development (LDO), adding it is broadly confident in its ability to create value against a bleak economic outlook.


Photo: London Designer Outlet

The regeneration specialist said in its half-year results, which saw net asset value rise, that it had ended talks with a funding partner for its north London LDO, after that partner failed to deliver part of the proposed financing structure.

"With the strengthened (LDO) rent roll we will launch formal marketing of the scheme in the New Year and are now undertaking groundworks on the site, targeting a completion date in the autumn of 2013," Quintain said on Thursday.

It said 39 percent of the 350,000-square-feet scheme had been let or was with solicitors, up from 21 percent in March.

The partner's failure to fulfil its funding promises comes as European banks slash property lending in a bid to fulfil stringent capital adequacy requirements, putting developers under pressure to find new cash avenues.

The termination highlights funding transaction risks in the market. "It's not Quintain's fault, it's the buyer's fault," JP Morgan Cazenove analyst Osmaan Malik told Reuters.

At 1011 GMT, Quintain shares were up 5.1 percent at 36.7 pence, outperforming a 0.5 percent rise in the wider index of UK property stocks .FTELUK.

Malik said Quintain was unlikely to have difficulty in securing another partner given the increased level of lettings.

STEADY PROGRESS

Quintain was also progressing its Wembley and Greenwich Peninsula projects in London. It had exchanged contracts on the disposal of 69.5 million pounds of assets at Wembley, against its 2011 target of 100 million, and had finalised a planning consent for the next phase of the scheme.

"A marked improvement in market conditions is unlikely during the second half," Chief Executive Adrian Wyatt said in the company's results for the six months to end-September.

"However, with London proving more resilient than the rest of the UK, a diversified specialist asset base and an increasingly strong balance sheet, we remain confident in our ability to create value," Wyatt said.

Wembley and Greenwich Peninsula are among a number of large regeneration projects that have sprung up across the UK capital over the past decade, along with Capital & Counties' (CAPCC.L) Earls Court development and Argent's King's Cross scheme.

The company said its EPRA diluted NAV per share rose to 126 pence at September 30, from 120 pence a year ago. EPRA, the European Public Real Estate Association, sets a number of reporting benchmarks for property companies.

Quintain, which also manages funds that invest in student accommodation and healthcare, said its assets under management rose to 1.4 billion pounds, from 1.1 billion pounds at end-September last year.

Its pretax profit was 3.7 million pounds, from a loss of 58.8 million pounds a year ago.

(Reporting by Brenda Goh; Editing by David Holmes and Andrew Macdonald)

© Thomson Reuters 2023 All rights reserved.