24th May 2007 07:02
Quintain Estates & Development PLC24 May 2007 24 May 2007 QUINTAIN ESTATES & DEVELOPMENT PLC NEW GREENWICH PENINSULA JOINT VENTURE ANNOUNCED Quintain Estates & Development PLC ("Quintain") and Lend Lease Europe Limited ("Lend Lease") announced today that they have agreed terms to put in place astructure for undertaking joint developments at Greenwich Peninsula. A newdevelopment joint venture company, Peninsula Quays Limited, has beenestablished, which will carry out the proposed development of 3,000 homes on anapproximately 22 acre site in the north west of the Peninsula. In addition, a new 50:50 joint venture holding company Greenwich PeninsulaRegeneration Limited ("GPRL") has been established, which will hold MeridianDelta Limited ("MDL"), initially established for the regeneration anddevelopment of the Greenwich Peninsula. Peninsula Quays Limited will beincorporated within GPRL as will further delivery vehicles when formed. This new structure will allow Quintain and Lend Lease to carry out jointmanagement of the ongoing development. The maximum amount that each of Quintain and Lend Lease can be required tocommit to the joint venture is £100 million inclusive of the funding alreadyprovided to MDL. For the year ended 31 March 2006 MDL made a loss before tax of£350,882 and had total assets with a book value of £39.8 million. Both Quintain and Lend Lease will commit further management resource to thereorganised joint venture. In addition, the appointment is announced of StephenBoid as the Chief Executive of Peninsula Quays Limited. Stephen Boid waspreviously a Regeneration Director with Crest Nicholson, whose responsibilitiesincluded the 60 acre mixed use Park Central Development in Birmingham. Commenting on behalf of Quintain, Nick Shattock, Deputy Chief Executive said:"This reorganisation is part of the acceleration of our delivery of the emergingnew community at the Greenwich Peninsula. In particular, Peninsula Quays Limitedwill provide us with a focal point for the enormous opportunity presented bythis extraordinarily well-located site, which faces Canary Wharf. Theappointment of Stephen Boid will bring the right level of skills and experienceto the development of this significant site and I am delighted to welcome him onboard." Commenting on behalf of Lend Lease, Daniel Labbad, Chief Operating Officer said:"This structure will enable us to continue to build on the progress made atGreenwich Peninsula to date and establishes an effective framework as we shiftinto the project's delivery phase. We are delighted to have Stephen Boid jointhe team, bringing a key set of capabilities and experience to Peninsula Quays." For further information, please contact:Quintain Estates and Development PLCNick Shattock, Deputy Chief ExecutiveHilary Reid Evans, Head of Corporate CommunicationsTel: 020 7495 8968 Financial DynamicsStephanie Highett/Dido LaurimoreTel: 020 7831 3113 Notes to Editors Quintain Estates and Development PLC Quintain is a leading property investment and development company specialisingin strategic property acquisition, redevelopment, asset management andregeneration across the UK. In addition to the regeneration of the GreenwichPeninsula with Lend Lease, Quintain is responsible for the regeneration of over70 acres of land surrounding the new Wembley Stadium. Quintain is listed on the London Stock Exchange and is a member of the FTSE 250. Lend Lease Founded in Australia in the 1950s and listed on the Australian Stock Exchange,Lend Lease is a leading real estate specialist, which creates, enhances andmanages real estate assets around the world. The Group's activities areprimarily focused in the regions of Asia Pacific, Europe and the US, and cover40 countries on six continents. In the UK, its business is focused primarily on the delivery of large scale,retail led, mixed use schemes which lead to the regeneration of town centre andmajor urban sites. Lend Lease provides cohesive in-house solutions for mixed-use developments, fromplanning and consultation, to development, funding, construction and assetmanagement. In addition, through First Base (a joint venture with Elliott Liptonand Stanhope plc) and Crosby Lend Lease, the group's residential developmentbusiness, it can deliver affordable and private homes as part of integratedretail, commercial and residential developments. The Group also provides international project and construction managementservices through Bovis Lend Lease. Greenwich Peninsula Over the next 15 years, the £5 billion regeneration of Greenwich Peninsula willbe transformed into a thriving riverside community. The development will includearound 10,000 new homes in distinct residential neighbourhoods (including around3800 affordable housing); 3.4 million sq ft of employment and office space,360,000 sq ft of retail space, extensive community facilities and over 47 acresof new and improved parklands and open spaces and will create around 24,000 longterm job opportunities. The regeneration of 190 acres of Greenwich Peninsula is being led by Lend Leaseand Quintain Estates and Development, working together with EnglishPartnerships. Since the February 2004 grant of planning consent for the 14 million sq ftdevelopment, highlights have included the first land sale, to Bellway Homes,which will deliver a high-quality block of 229 riverside apartments on thesouthern part of the site. It is anticipated that work will start on thedevelopment in late 2007, with the apartments ready for occupation in 2009. Anew square, Peninsula Square, has been completed and is expected to open withinthe next few weeks. Negotiations are currently ongoing with a number of partiesin relation to certain other sites on the Peninsula. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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