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Quintain Estates & Development Plc has sold St David’s House, a six-storey commercial and retail centre in Cardiff, for £9.3 million, generating profits of £4 million.

The company has also agreed the sale of Viking and Saxon House in Hemel Hempstead for £1.48 million, delivering a profit of £1 million. Completion of this sale will increase the total cash transferred back to core operations to £95.5 million.

The disposals are in line with the company’s strategy to generate proceeds of £100 million this year. Quintain’s finance director, Rebecca Worthington, commented: “The combination of these latest disposals, the progress being made in reducing costs and the flexible new gearing agreement announced last week materially increases the headroom available to Quintain in its relationship banking facilities.”

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