Quintain Estates hit by write-downs

Hefty write-down on developments in North London, Bristol and its flagship project at Wembley sent property developer Quintain Estates deep into the red in the six months to September.Net asset value per share fell 6.7% to 112p as losses hit £58.8m (profit £9.6m) after Quintain wrote down the value of three projects by £63.6m. There were deficits of £34.5m at Corsham Street in London, £11.4m at Wembley due to lower than expected returns on residential sales and £7m at Emersons Green in Bristol.On a more encouraging note, Quintain added the Hilton hotel and student accommodation buildings are now under construction at Wembley. Pier Walk at Greenwich Peninsula was sold at 6% premium to March valuation while the London Designer Outlet has seen 25% of space pre-let or under offer.Gearing rose to 60% against banking covenants of 110% (31 March 2010: 46%). "Progress towards the fulfilment of our 2013 business plan is on track and will make a material financial difference to the Group. Our debt maturities are being prudently extended," chief executive Adam Wyatt said. Quadrise