Quintain has agreed to sell 65 acres of residential development land in Bristol to Taylor Wimpey for £12m.
Housebuilder Taylpor Wimpey will pay £10m initially, with an additional £2m in September. Quintain said that it may realise further gain through an overage payment of 50% of net private residential sales above £94m over the next 12 years.
The regeneration specialist said that sale formed part of its ongoing programme of recycling capital from non-core assets. Quintain has now raised close to £122m from disposals during the current financial year.
Finance director Rebecca Worthington said: “This sale enables us to further strengthen our balance sheet and recycle capital into our world class regeneration schemes in the heart of London at Wembley and Greenwich Peninsula”.
Taylor Wimpey Bristol managing director Nigel Holland said: “Emersons Green is a major growth point for the Greater Bristol area and this purchase reflects our strategy of targeting acquisitions in key locations to further enhance the quality of our land portfolio”