Quintain Estates Sells Stake In Student Accommodation Venture iQ
London-focused property investors Quintain Estates & Development PLC Friday said it has sold the 50% stake it held in its iQ student accommodation joint venture to its partner Wellcome Trust in a deal worth GBP106.4 million in cash.
iQ owns a portfolio of 5,183 bedrooms across 13 properties located in nine UK cities, with a gross property value of GBP431.9 million at March 31.
Quintain said it will receive GBP300,000 of fee income from iQ over the next two years in return for certain transitional services.” …