Quintain says mainstream market remains uncertain

21st Jan 2010 08:17

Property investor Quintain Estates & Development said conditions in the mainstream market remain uncertain so it is focusing on more resilient income streams such as healthcare and student accommodation.In the group's third quarter update, Quintain confirmed that it has acquired a new site for student accommodation in Hoxton, London for £10.9m. The group said it has sold Commercial House in Jersey for £8.2m, 19% above its valuation.Quintain, which raised £188m from its rights issue last year, said £133.5m of the proceeds would be used boost its fund management business and develop certain urban regeneration projects. Around £50m of the funds raised has been allocated to the long-term reduction of debt, the group said.Net borrowings at 31 December were £363.1m compared with £534.9m the previous quarter.