London-listed Quintain Estates and Development has entered into a framework agreement to supply real estate consultancy to Living PlanIT, the urban technology specialist with the right to develop a 1,700 hectare city at Paredes in Northern Portugal. Quintain's fee will be 3.5% of construction costs, with a minimum payment of EUR 12 mln for each of the first two years, from 1 January 2011.
London-listed Quintain Estates and Development has entered into a framework agreement to supply real estate consultancy to Living PlanIT, the urban technology specialist with the right to develop a 1,700 hectare city at Paredes in Northern Portugal. Quintain's fee will be 3.5% of construction costs, with a minimum payment of EUR 12 mln for each of the first two years, from 1 January 2011.
Adrian Wyatt, CEO of Quintain, commented: 'This agreement capitalises on Quintain’s core skills and expertise in its natural marketplace of urban development. For our partners, it delivers the real estate capabilities necessary to translate the model into real cities. 'There are two immediate benefits for Quintain: the generation of substantial revenue with no equity requirement from the Company; and unique exposure for our development team to new approaches and technology that can profitably be introduced at Wembley City and Greenwich Peninsula, our major schemes in London.'
The link-up is in line with Quintain's objective of improving the company's cashflow position. The agreement sees Quintain appointed a Platinum Partner of Living PlanIT alongside global brands such as Cisco Systems, BuroHappold, and McLaren Electronic Systems.
Living PlanIT was co-founded by Steve Lewis, formerly General Manager of Market Development at Microsoft Corp. Living PlanIT enables the development of intelligent and sustainable urban-scale environments, using a new approach to design, construction, operation and maintenance. These enable faster, cheaper and higher quality developments while significantly reducing impact on the environment through the reduction of energy, water and waste.
Its first scheme at Paredes, PlanIT Valley, is endorsed by the Portuguese Government, and awarded Project of National Importance designation.
