Property group admits considering fundraising

Nov 3 2009 by Iain Laing, The Journal

PROPERTY group Quintain Estates has confirmed it is considering a fund- raising amid speculations that it was looking to raise £180m.

The firm, which is behind the redevelopment of parts of London’s Greenwich peninsula, as well as iQ student accommodation, said no decision had yet been made over the potential move.

Quintain, which recently sold its stake in the O2 Arena, made the announcement following weekend reports that it had won shareholder support for a rights issue and would announce the move this week.

According to a national newspaper, the new money would be used to fund acquisitions, advance development plans and provide breathing space with lenders.

A statement from the firm read: “Quintain Estates & Development plc notes the recent media comment regarding a potential equity issue by the company.

“The board confirms that it is considering an equity issue. However, no formal decision has been made by the company at this time.”

Quintain said it would make a further announcement as appropriate.