Re: Greenwich Peninsula

Quintain Estates & Development PLC
24 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 a
structure for undertaking joint developments at Greenwich Peninsula. A new
development joint venture company, Peninsula Quays Limited, has been
established, which will carry out the proposed development of 3,000 homes on an
approximately 22 acre site in the north west of the Peninsula.

In addition, a new 50:50 joint venture holding company Greenwich Peninsula
Regeneration Limited ('GPRL') has been established, which will hold Meridian
Delta Limited ('MDL'), initially established for the regeneration and
development of the Greenwich Peninsula.  Peninsula Quays Limited will be
incorporated within GPRL as will further delivery vehicles when formed.

This new structure will allow Quintain and Lend Lease to carry out joint
management of the ongoing development.

The maximum amount that each of Quintain and Lend Lease can be required to
commit to the joint venture is £100 million inclusive of the funding already
provided 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 the
reorganised joint venture. In addition, the appointment is announced of Stephen
Boid as the Chief Executive of Peninsula Quays Limited. Stephen Boid was
previously a Regeneration Director with Crest Nicholson, whose responsibilities
included 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 emerging
new community at the Greenwich Peninsula. In particular, Peninsula Quays Limited
will provide us with a focal point for the enormous opportunity presented by
this extraordinarily well-located site, which faces Canary Wharf. The
appointment of Stephen Boid will bring the right level of skills and experience
to the development of this significant site and I am delighted to welcome him on
board.'

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 at
Greenwich Peninsula to date and establishes an effective framework as we shift
into the project's delivery phase. We are delighted to have Stephen Boid join
the team, bringing a key set of capabilities and experience to Peninsula Quays.'

For further information, please contact:
Quintain Estates and Development PLC
Nick Shattock, Deputy Chief Executive
Hilary Reid Evans, Head of Corporate Communications
Tel: [phone]

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


Notes to Editors

Quintain Estates and Development PLC

Quintain is a leading property investment and development company specialising
in strategic property acquisition, redevelopment, asset management and
regeneration across the UK. In addition to the regeneration of the Greenwich
Peninsula with Lend Lease, Quintain is responsible for the regeneration of over
70 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 and
manages real estate assets around the world. The Group's activities are
primarily focused in the regions of Asia Pacific, Europe and the US, and cover
40 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 and
major urban sites.

Lend Lease provides cohesive in-house solutions for mixed-use developments, from
planning and consultation, to development, funding, construction and asset
management. In addition, through First Base (a joint venture with Elliott Lipton
and Stanhope plc) and Crosby Lend Lease, the group's residential development
business, it can deliver affordable and private homes as part of integrated
retail, commercial and residential developments.

The Group also provides international project and construction management
services through Bovis Lend Lease.

Greenwich Peninsula

Over the next 15 years, the £5 billion regeneration of Greenwich Peninsula will
be transformed into a thriving riverside community. The development will include
around 10,000 new homes in distinct residential neighbourhoods (including around
3800 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 acres
of new and improved parklands and open spaces and will create around 24,000 long
term job opportunities.

The regeneration of 190 acres of Greenwich Peninsula is being led by Lend Lease
and Quintain Estates and Development, working together with English
Partnerships.

Since the February 2004 grant of planning consent for the 14 million sq ft
development, highlights have included the first land sale, to Bellway Homes,
which will deliver a high-quality block of 229 riverside apartments on the
southern part of the site. It is anticipated that work will start on the
development in late 2007, with the apartments ready for occupation in 2009. A
new square, Peninsula Square, has been completed and is expected to open within
the next few weeks. Negotiations are currently ongoing with a number of parties
in relation to certain other sites on the Peninsula.




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