Re Greenwich Peninsula

Quintain Estates & Development PLC
29 May 2002



29 May 2002


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

                MERIDIAN DELTA CONSORTIUM COMPLETES AGREEMENT

                         TO DEVELOP GREENWICH PENINSULA


Quintain is delighted to announce that Meridian Delta Limited ('MDL'), a
consortium owned 49% by Quintain and 51% by Lend Lease Europe Limited ('Lend
Lease'), has today completed an agreement with English Partnerships to develop
190 acres on the Greenwich Peninsula.

MDL will also complete an agreement with English Partnerships, upon attaining
planning consent, to lease the 43 acres which incorporate the Dome and
surrounding areas.  MDL will concurrently issue a 55 year lease, extendable to
100 years, to the Anschutz Entertainment Group ('AEG'), for 9.5 acres in the
centre of the Dome, in which AEG will - also subject to gaining planning consent
- build and manage a £135 million world class sports and leisure arena.



Development Agreement

The agreement with English Partnerships gives MDL exclusive rights to develop
the 190 acre site until 2025. MDL has a minimum obligation to develop 330,000
square feet every 5 years, for 15 years, subject to a commercial viability test,
and to sell land to third parties to allow development of 670,000 square feet
every five years.

It is anticipated that a planning application covering the entire site will be
submitted later this year for a mixed-use development, including residential,
commercial and leisure space, which could total up to approximately 14 million
square feet. The regeneration project could include up to 7000 new homes and
circa 3.5 million square feet of commercial space.

Having obtained planning consent for the master plan, MDL will deliver the
infrastructure to facilitate the sale or development of serviced land. MDL will
draw down plots on 999 year leases and pay a guaranteed minimum price. When land
is sold, the landowner will receive a further payment based on the open market
value of land with planning. Landowners on the Greenwich Peninsula who have
entered into this agreement are English Partnerships (164 acres) and Quintain
(18.5 acres).

Where MDL develop the land, landowners will be paid an initial payment on the
draw down of land. Landowners will also participate in a share of development
profits.

Under the terms of the agreement with English Partnerships, Quintain's existing
holding of 18.5 acres on the Greenwich Peninsula is now included within the 190
acres of land under option to draw down.  Quintain will therefore benefit from
the above terms, both as a landowner and through its 49% stake in MDL.  The
landholding was valued in the Company's accounts for the year to 31 March 2001
at £34.7 million. The current rent receivable on the land is £0.75 million per
annum.



Commitments and time frame

Quintain has spent £1.1 million to date on planning and it is anticipated that
an additional £3.7 million will be required in order to achieve a planning
consent. No other financial obligations will arise until this point.

There is a minimum financial commitment of £4.5 million towards initial
infrastructure improvements, but the agreement affords the prospect of
significant capital expenditure over the next 20 years. Flexibility has been
retained as to quantum, timing and financing.

The first profit-generating land sales are anticipated in 2005.



The Dome

As part of its agreement with English Partnerships, MDL will lease the 43 acre
site which incorporates the Dome and surrounding areas.

MDL will concurrently issue a 55 year lease, extendable to 100 years, to the
Anschutz Entertainment Group to develop - subject to gaining planning consent -
a £135 million world class sports and leisure arena totalling 9.5 acres in the
centre of the Dome.

After the arena is built, Dome LP, a 50:50 joint venture between MDL and AEG,
will take a 55 year lease on the area inside the Dome, excluding that covered by
the arena lease, and the Waterfront. This lease can be extended in line with the
arena lease. Quintain's share of contingent commitments in relation to this are
approximately £17 million over 15 years.

Commenting on the transaction, Adrian Wyatt, Quintain's Deputy Chairman, said:

'Since acquiring our first land holding on the Greenwich Peninsula in 1997, we
have been excited by the prospect of being involved in the largest regeneration
project in the UK.  We are delighted to be part of this landmark deal, both as a
landowner and as part of the MDL consortium, and look forward to working with
English Partnerships, Lend Lease and Anschutz to make the Peninsula and the Dome
one of London's greatest regeneration success stories.'

Nick Shattock, Quintain's Property Director, added:

'The sheer scale of the project, with 3.5 miles of river front and 190 acres, is
potentially transformational for Quintain. However, we are conscious of our
responsibility to the people of Greenwich to combine the work to date with that
over the next few months in designing a new town for London and we will shortly
be undertaking major consultation with the Mayor's office, TFL and, most
importantly, The London Borough of Greenwich.'




For further information, please contact:-

Quintain Estates and Development
Tel: [phone]
Rebecca Worthington, Finance Director

Financial Dynamics
Tel: [phone]
Stephanie Highett/Dido Laurimore





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