Quintain offloads Elephant accommodation

Property developer Quintain Estates has sold its recently completed set of student accommodation studios in the Elephant and Castle district of South London.Dashwood Studios cost £17.8m to build and had been valued at £14.7m, so the £34m being paid for the asset by Rockspring Property Investment Managers represents a handy profit for the social housing and regeneration specialist. The firm said the disposal "demonstrates Quintain's ability to generate returns by applying its expertise to opportunities in specific alternative sectors". "Given the current challenges in the debt markets, our priority as a group is to continue to strengthen our financial position," Rebecca Worthington, finance director of Quintain, said. "As part of this strategy, we are extending the maturity of our existing facilities and continue to reduce the level of corporate debt through a measured programme of disposals. The proceeds from the sale of Dashwood Studios will be used to reduce our forecast gearing levels," she added. NR Quadrise