Quintain sells Mitre Passage for £17m as disposals reach £500m
QUINTAIN has sold its 50 per cent stake in Mitre Passage in Greenwich for £17.1m, adding to a string of disposals already made in the last 18 months.
The sale to Tristan Capital was announced alongside its interim management statement yesterday, Quintain said it had made £31.6m of disposals in the period from 1 October to 11 February.
The developer has made a total of £500m from sales over the past 18 months – including its huge Greenwich Peninsula scheme, which it sold in November to Chinese investor Knight Dragon for £230m – as part of its strategy to pay down debt.
It is now focusing its efforts on its £2.5bn Wembley Park scheme as well as “selective” investments such as its acquisition of Kingsbourne House in Holborn lat week for £13.7m.
The group said its 350,000 sq ft London Designer Outlet scheme in Wembley, which opened in the Autumn, was now 87 per cent let.
It also won consent in December for 475 homes next to the Civic Centre in Wembley.