Re Greenwich Peninsula

Quintain Estates & Development PLC
18 June 2004

18 June 2004



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



QUINTAIN ANNOUNCES COMPLETION OF LANDMARK DEAL FOR THE REGENERATION OF GREENWICH
                                   PENINSULA



Quintain today announced the successful completion of all commercial contracts
and planning agreements for the £5 billion, 20-year regeneration of 190 acres on
the Greenwich Peninsula, London.



These agreements have been signed between Meridian Delta Ltd (the joint venture
company comprising Quintain and its partner, Lend Lease); the United Kingdom's
national regeneration agency, English Partnerships; Anschutz Entertainment Group
(who will fund, develop and operate a new world-class Arena inside the
Millennium Dome); and the London Borough of Greenwich.



Infrastructure works needed to prepare the site are expected to begin later this
year and the development will continue over the next 20 years, with construction
of the Arena and the first homes on the Peninsula anticipated to commence in
Spring 2005 and 2006, respectively.



The landmark regeneration scheme, one of the largest ever in the United Kingdom,
will provide:



  • Over 10,000 new homes, with 38% affordable, key worker and special needs
    homes



  • An estimated 24,000 permanent and 4,000 construction jobs contributing not
    just to the local economy but to the wider Thames Gateway region



  • An estimated 340,000 sq m of commercial space



  • Approximately 33,000 sq m of retail provision



  • A new 20,000 seat capacity entertainment and sports Arena inside the Dome



  • A further 62,000 sq m of entertainment and leisure space around the Arena
    inside the Dome



  • A new hotel to complement the Arena and other leisure uses in the Dome.



An outline of the community benefits that will arise from the development is
provided in the Notes below.



Adrian Wyatt, Chief Executive of Quintain Estates and Development plc, part of
Meridian Delta Ltd said:



'This rapid progress through the planning system has only been possible by the
constructive partnership between the private sector and local, regional and
national Government.



'With a strong shared vision, there has been real momentum to deliver a new
community on the Greenwich Peninsula and we are now able to turn this vision
into reality'.



Bert Martin, Director of Lend Lease and Meridian Delta Ltd, said:



'We are determined that the Greenwich Peninsula will set new benchmarks in urban
mixed use development and become one of London's finest districts, providing a
unique blend of entertainment, business, residential and community uses - an
exceptional place to be.



'To maintain the considerable momentum now established, works including
infrastructure and construction of major new public spaces will commence later
this year, as part of our planned pipeline of activity in the lead up to the
first residential development.'







For further information, please contact:


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





Notes to Editors



•        Meridian Delta Limited is a joint venture company comprising Lend Lease
(51%) and Quintain Estates & Development plc (49%), formed specifically to lead
the regeneration of the Greenwich Peninsula.



•        Lend Lease is a leading real estate services business which creates,
enhances and manages real estate assets around the world.  This is achieved by
its regional, sector focused businesses undertaking development and asset
management, managing third party capital and providing international project and
construction management services through Bovis Lend Lease. Listed on the
Australian Stock Exchange, the Lend Lease group operates in 43 countries on six
continents.



•        English Partnerships is the UK government's national regeneration
agency delivering high quality, sustainable growth.  This is achieved by
developing its portfolio of strategic sites and acting as the government's
advisor on brownfield land.  It also ensures that surplus public sector assets
are used to support wider government objectives, especially those contained in
the Sustainable Communities Plan.  English Partnerships helps create communities
where people can afford to live and want to live.



•        Anschutz Entertainment Group is one of the leading entertainment and
sports presenters in the world.  The organisation owns or controls some of the
world's best and most famous arenas, venues and sports franchises in addition to
divisions dedicated to the creation of live entertainment for all mediums.





Project milestones



•        December 2001:  Meridian Delta Ltd - a joint venture comprising Lend
Lease and Quintain Estates and Development plc, formed specifically to lead the
regeneration of 190 acres of the Greenwich Peninsula - selected as preferred
partner by English Partnerships (EP) and given until end May 2002 to reach
contractual agreement.



•        May 2002:  Contracts exchanged between EP and MDL.  These contracts are
'conditional' upon planning permission and other technical approvals.  MDL
working with Anschutz Entertainment Group Europe to deliver a world class Arena
inside the Dome.  MDL begin detailed work with Terry Farrell & Partners for a
comprehensive Masterplan.



•        December 2002:  MDL, EP and Anschutz Entertainment Group submit
planning application to London Borough of Greenwich covering entire site.



•        April 2003:  London Borough of Greenwich Planning Board unanimously
grant planning consent, subject to a Section 106 (planning gain) agreement.



•        June 2003:  Mayor of London, Ken Livingstone, announces he is happy
with the plans and that will not be directing London Borough of Greenwich to
refuse the application.



•        July 2003:  Government announces it will not 'call-in' the scheme for a
public enquiry.



•        February 2004:  Section 106 agreement signed and planning permission
issued by London Borough of Greenwich.



•        June 2004:  Remaining contractual issues between the parties agreed and
all legal documents signed.  The commercial joint venture with EP becomes '
unconditional'.





Anticipated timetable of events from June 2004



•        July-August 2004:  Anschutz Entertainment Group place build contract
for the construction of the new arena inside the Dome.  The parties then work-up
the detailed construction schedule, ready for a Spring 2005 start on site.



•        Summer 2004:  MDL submit planning application for Millennium Square,
the major new open public space adjacent to the Dome.



•        Late 2004:  MDL contractors start delivering necessary early
infrastructure works to facilitate the regeneration.



•        Spring 2005:  Anschutz Entertainment Group contractors start on site
building the new Arena.



•        2005:  MDL work up detailed plans on a plot-by-plot basis for the first
new homes and other facilities.  Detailed planning applications made to London
Borough of Greenwich.  First homes expected to start construction in early 2006.



•        Spring 2007:  Construction of Arena complete. Arena opens together with
other leisure uses under the Dome roof.



•        Spring 2007:  Millennium Square complete, residential development
underway.





Community Benefits



The Section 106 agreement signed by Meridian Delta Ltd defines the community
benefits that will arise out of the MDL scheme.  These cover employment and
training, affordable housing, health and social support, education, community
development, transport, and environmental issues and the public realm. It makes
provision for contributions towards:



  • a new secondary school and primary school and improvements to off-site
    primary schools and playing fields
  • nursery space and child play facilities
  • a new health centre
  • a multi-faith centre
  • leisure facilities and support for cultural activities
  • improved access at North Greenwich Underground Station
  • improved bus services and a contribution to Greenwich Waterfront Transit
  • improved road junctions and pedestrian improvements
  • controlled parking zone and a low emission zone
  • environmental sustainability
  • high quality open spaces
  • contributions towards skilling and employment to ensure access to
    opportunity for local people






                      This information is provided by RNS
            The company news service from the London Stock Exchange