Gearing eases at Quintain as cash rolls in

London-focused property regeneration specialist Quintain Estates said its balance sheet is looking in a much healthier state following an influx of cash from disposals.

London-focused property regeneration specialist Quintain Estates said its balance sheet is looking in a much healthier state following an influx of cash from disposals.

The group has pocketed £90m in cash since April 1st as it offloaded a couple of assets and received a payment from its joint venture partner on the Greenwich peninsula regeneration project. A further £54m is due to roll into the firm's coffers in August, following the completion of the iQ Shoreditch student scheme, of which £24.5m will be used to meet final development costs. After receiving the net proceeds from iQ Shoreditch, on a pro-forma basis gearing (for banking covenant purposes) will reduce from 87% at the year end (March 31st) to around 75%.

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