Re Greenwich Peninsula

Quintain Estates & Development PLC
18 December 2001

18 December 2001



        Quintain Estates and Development PLC ('Quintain' / 'Company')



                MERIDIAN DELTA SELECTED FOR EXCLUSIVE NEGOTIATIONS

                         FOR THE DOME AND ASSOCIATED LANDS



The Board of Quintain is delighted to announce that Meridian Delta Ltd ('
Meridian Delta' / 'Consortium'), the consortium comprising Quintain and Lend
Lease Europe Ltd, has today been selected for exclusive negotiations with HM
Government for the management of the regeneration of the Greenwich Peninsula.
Lend Lease will hold a 51 per cent stake in Meridian Delta and Quintain will
hold 49 per cent.



The final agreement with Government is subject to the resolution of detailed
commercial terms, with the financial close anticipated to occur around May
2002.  This agreement will be conditional on attaining planning permission,
which the Consortium expects to be granted 12 months later.



It is anticipated that Quintain's total initial capital commitment and
planning expenditure to achieve an implementable land sale and development
programme during the first twelve months after completion will be
approximately £20 million. The level of any further capital commitment is
subject to the grant of a minimum planning consent and the ultimate scale of
the development. The first profit-generating land sales are anticipated in
2004/2005.



The Consortium's proposal for Greenwich Peninsula is one of the largest
regeneration opportunities in recent years for London, covering some 200
acres.  The proposal envisages a 25-year partnership with the Government to
deliver a significant mixed use development.  The regeneration is projected to
include a 20,000 world-class arena, 5,000 new homes and approximately 3.5
million sq.ft of mixed use commercial floor space.



Under the Meridian Delta proposal, Anschutz Entertainment Group ('AEG'), a
leading US stadium operator, will create, operate and carry financial
responsibility for a world-class entertainment and sports arena within the
Millennium Dome structure. It is also proposed that the ancillary area of the
Dome that is not occupied by the AEG arena will be operated as a restaurant,
leisure and retail facility by a separate joint venture between AEG and the
Consortium.



Nick Shattock, Quintain's Property Director, commented:



'The announcement that Meridian Delta has been chosen for exclusive
negotiations with HM Government is excellent news for Quintain, as there will
be great synergy with our existing holding of 18.5 acres of freehold and
optioned land adjoining the Dome.  It is the culmination of four years of land
assembly and masterplanning work.



'By working in partnership with the London Borough of Greenwich, the Greater
London Authority and English Partnerships, Meridian Delta believes it will
deliver a world class arena and a successful public transport led new
community for London.  We are also pleased that AEG will be working in
partnership with the consortium with specific responsibility for developing
and managing the arena in the Dome.  They are one of the world's leading
leisure companies with enormous experience of running such venues in the USA
and, through their commitment, London will have a 20,000 seat, state of the
art arena to attract leading sporting and musical events.'





For further information, please contact:-



Quintain

Rebecca Worthington/Nicholas Shattock

Tel: [phone]



Financial Dynamics (for Quintain)

Stephanie Highett/Dido Laurimore

Tel: [phone]



London Communications Agency (for Meridian Delta)

Robert Gordon Clark/Jonny Popper

Tel: [phone]





Notes



Quintain Estates and Development PLC is a fully quoted property company that
develops and invests across the UK in all sectors.  Developments ongoing and
completed over the last 18 months total in excess of 1 million sq ft.  Its
last reported net worth was £357 million with gross assets in excess of £640
million.  It owns and controls 18.5 acres of land adjacent to the Dome.
Quintain first invested in the Greenwich Peninsula in 1997 and has made 4
subsequent acquisitions.  It announced in May 2001 that it had put its own
planning application on hold, when invited to participate in joint
masterplanning with English Partnerships.





Lend Lease Group operates in 38 countries with more than £31 billion under
management and servicing some £35 billion of commercial real estate loans.
Lend Lease are also the largest investor managers of affordable housing in the
USA.  In the UK, Lend Lease is probably best known for the 240 acre Bluewater
development in Kent.  The company has also developed the Olympic Village in
Sydney; and Melbourne Docks where Lend Lease is handling the $1.8bn
development of Victoria Harbour including 3.5kms of active waterfront.





AEG

The corporations that make up the Anschutz group (which is headquartered in
Denver Colorado) are principally engaged in telecommunications and media,
natural resources, transportations, property, sports and entertainment.
Valued at $20 billion, it is one of the largest private businesses in the USA.
  Amongst its real estate holdings is the 1 million square foot Los Angles
Staples Centre which last year hosted 240 events including the Grammy Awards
and the Democratic Convention.  AEG is also a major investor in hockey,
basketball and soccer in the USA and, in addition, owns the London Knights.