Quintain Estates and Development : agrees sale of Grafton to GreenOak Real Estate

20 July 2016

Quintain agrees sale of Grafton to GreenOak Real Estate

Quintain announces today the sale of Grafton Advisors to GreenOak Real Estate, an independent partner-owned real estate focused principal advisor.

Grafton is the property adviser to the West End of London Property Unit Trust (WELPUT) and was founded by Nigel Kempner, its Managing Director.

WELPUT was established in 2001 in partnership with Schroders Real Estate and is the top performing fund in the Association of Real Estate Funds Index over the past ten years.

Quintain originally acquired Grafton in February 2012 as part of its strategy to increase recurring income streams from asset management as a listed company.

Following the sale, the eight-person specialist Central London team including Nigel Kempner, the Managing Director; Ker Gilchrist, Property Director and Christopher Cope, Development Director will transfer across to GreenOak, whilst retaining the Grafton name.

Grafton will continue to operate as an independent Central London specialist asset, property and development management business with a focus on providing best-in-class service to WELPUT.

Angus Dodd, the Chief Executive Officer of Quintain Limited, commented: "We have entertained a number of approaches for Grafton over the last six months and we are pleased to have completed this sale. We know GreenOak well and consider that the team, led by Nigel Kempner, will work very successfully with its new shareholder. We wish the Grafton team the very best and are confident they will continue to build on asset quality and returns for WELPUT investors.

"Our primary focus at Quintain going forward is the continuing transformation of Wembley Park, one of Europe's biggest regeneration projects. Quintain is committed to playing a key part in the next phase of the development of this unique part of London. This includes building new and affordable homes for sale, as well as for rent, through Tipi, our PRS management business. The new

homes will be complemented by an exciting and attractive mix of cultural, performance, sports, play, public realm, office and retail spaces".

Nigel Kempner, Managing Director of Grafton, commented: "We are excited to be joining GreenOak, with whom I have worked closely over a number of years, particularly with regard to the refurbishment, repositioning and sale of Devonshire House in the heart of Mayfair. We are looking forward to continuing to grow the portfolio and performance of WELPUT for its investors over the next few years and this deal, post Brexit, shows that London still holds the confidence of international investors".

Leon Partners advised Quintain on the sale.

Harriet Pask, Quintain +44(0) 203 219 2200

Jenny Davey, Finsbury +44 (0) 207 251 3801

Established in 1992, Quintain is the London developer behind the transformation of Wembley Park in north west London, one of Europe's biggest regeneration projects. The 85-acre development is adjacent to the SSE Arena, Wembley Stadium and London Designer Outlet and includes new and affordable homes for sale and for rent through Tipi, Quintain's lifestyle-focused rental operator, complemented by wide boulevards, attractive public spaces and an exciting mix of cultural, sport, work and retail spaces.

Grafton is the Property Adviser to WELPUT, a trust established in 2001, specialising in Central London property. With a portfolio of 12 properties, an Aggregate Trust Value ("ATV") of approximately £1.3 billion and debt of 18.4% of ATV, the trust's total return over 3 years to 30 June 2016 was 21.4% per annum. The trust is managed by Schroder Real Estate Managers Limited.

For more on WELPUT, please see: www.schroders.com/welput

GreenOak is an independent, partner owned, real estate focused principal investing, lending and advisory firm that seeks to create long term value for its investors and to provide strategic advice to its clients. Formed in 2010 by John Carrafiell, Sonny Kalsi and Fred Schmidt, GreenOak is a highly focused global platform with an experienced and cohesive senior team. GreenOak possesses a long

and successful track record investing in and managing real estate and advising clients on strategic mandates.

Since 2011, GreenOak has raised $4.8 billion of discretionary equity for real estate investment in Europe, the United States and Asia. As at March 31, 2016, GreenOak had acquired approximately

$8.5 billion of assets since inception. GreenOak has offices in London, Madrid, New York, Los Angeles, Seoul, Tokyo and Luxembourg with dedicated teams having local knowledge, experience and extensive networks in each market.

For more on GreenOak, please see: www.greenoakrealestate.com