Quintain sells healthcare stake below book

11th Sep 2009 07:32

Property developer Quintain Estates has sold a stake in its healthcare property fund Quercus Healthcare Property Partnership at below book value to raise cash of £31.3m. The stake was sold at a 12% discount to the fund's reported NAV at July and a discount to Quintain's March valuation of £10.8m, representing a loss against book cost of £1.8m. In the last twelve months, the units delivered £2.5% of income to the group. As a result of this disposal, Quintain's total holding in Quercus is reduced from 25.4% to 16% and the number of investors in the fund has increased to 50.Quercus is the largest fund within Quintain Fund Management. As at 30 June 2009, it had £759.9min funds under management and owned 264 assets, comprising nursing and residential care homes for the elderly, specialist care homes.The sale proceeds bring the total amount of cash generated since 1 April 2009 to over £42m, representing 85% of the £50m Quintain wants to raise from disposals.