Quintain paves way for partner

QUINTAIN Estates and Development, the firm managing a huge facelift of land around the new Wembley stadium and the Dome, is looking for a joint-venture partner to help finish the projects.

In marked contrast to the huge losses mounting at Australian developer Multiplex on its Wembley stadium rebuild, English firm Quintain today laid down some solid financial figures to pave the way for its ambitious regeneration schemes.

Net asset value per share, a key measure of a property firm's underlying value, surged 22% to 495p for the year to end-March. Planning approvals boosted the value for its key sites, with the land around Wembley rising to £215m from £167.5m six months earlier. Turnover rose 30% to £78.4m.

Pre-tax profits fell 2% to £15.8m due to land sales in the investment portfolio, but excluding the £76m profit from £294m of disposals.

Chief executive Adrian Wyatt said that while the Greenwich and Wembley projects had huge potential, 'the group will continue to follow a cautious approach to financing'.

Options under review, he added, include jointventure partnerships and commercial opportunities such as naming rights.