Quintain Estates - Retail - London Theatre Portfolio Sale For £18m

Date: 15 Feb 2000

Quintain Estates and Development PLC, the property investment group, today announces that it has entered into a put and call option for the sale of the Crescent theatre and investment portfolio to the Ambassador Theatre Group for £18m cash. The options are exercisable on or before 4th April 2000. The sale price is in excess of book cost and proceeds will be used to repay borrowings.

The portfolio of seven theatres includes the Donmar Warehouse, the Albery and Wyndhams, the Comedy, the Phoenix and the Piccadilly Theatres.

Quintain acquired the theatres following its take-over of Chesterfield Properties PLC in July 1999.

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