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Quintain Injects Pub Portfolio Into New Fund

LONDON-Quoted developer and investor Quintain Estates has created a new limited partnership with Hermes Property Asset Management and Bank of Scotland. It is injecting 37 of its public houses into the fund, which it to be called Quart.

By Graham Parker | Updated on April 16, 2002

LONDON-Quintain Estates has sold 37 of its public houses into a new limited partnership, called Quart, which it has set up jointly with Hermes property Asset Management–manager of the British Telecom and Consignia pension funds–and Bank Of Scotland. Quintain will hold 12.9%, Hermes 74.7% and Bank of Scotland 12.4% with the bank providing senior debt.

The pubs have been sold for £42.7 million ($61 million) and they produce an annual income of £3.2 million ($4.6 million). Quintain will reinvest the proceeds in other asset classes. Quintain still owns £5 million ($7 million) of pubs which it plans to transfer into Quart at a later date, and the fund also has £6 million ($8.5 million) set aside to acquire new stock

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