Dome Plans finally revealed

Greenwich, England - 18 June 2004

Peninsula regeneration deal signed and sealed

The historic regeneration scheme, one of the largest ever in the UK, will provide 10,000 new homes. 3,800 of these will be affordable homes for key workers such as teachers and nurses, with a further 300 for students and people with special needs. The scheme is expected to create an estimated 24,000 new jobs for the regional economy.

Other benefits for the community include new primary and secondary schools, nursery and health provision, transport improvements and support for local employment and training.

A world-class entertainment and sports Arena is being created within the Dome that will seat up to 20,000 people. Due to be completed by Spring 2007, it is already playing a key role in London's bid to host the 2012 Olympic Games.

Today's announcement marks the successful completion of all commercial contracts and planning negotiations between national regeneration agency, English Partnerships, and the developers of the Greenwich Peninsula, Meridian Delta Ltd (Lend Lease & Quintain Estates and Development plc), Anschutz Entertainment Group and Greenwich Council.

Work on infrastructure upgrades needed to prepare the 121 ha site for this massive regeneration project is due to begin later this year. Development will continue over the next 20 years, with construction of the Arena starting in Spring 2005 and the first homes starting in 2006.

Speaking at an event hosted by English Partnerships to mark the successful completion of the deal, Keith Hill MP, Minister for London, said, "We are celebrating a major milestone in the history of the capital's regeneration and a significant step forward in the wider redevelopment of the Thames Gateway. The long-term benefits we have secured for future generations of Londoners are a fitting legacy for the Dome project.

"£4 billion worth of private sector investment, including a £550 million cash return over the next 20 years will bring new jobs, new homes, new services and infrastructure to London. Every £1 of public money on the Peninsula has attracted over £6 from the private sector. This is a excellent result reflecting the commitment and vision of all our private and public sector partners."

Margaret Ford, Chairman of English Partnerships, said, "This agreement is good news for the taxpayer bringing a substantial return back to the public purse, is fantastic news for Greenwich with the creation of a vibrant new urban quarter, and will be a huge boost for the London Olympic bid. It also establishes the future of the Dome as a world class leisure attraction for many years to come.

"English Partnerships has been leading the regeneration of the Peninsula since 1997. Our work has included cleaning up 121 ha of brownfield land in preparation for its redevelopment and setting up a thriving Millennium Village on the south of the Peninsula where 600 homes are already occupied."

Councillor Chris Roberts, Leader of Greenwich Council, said, "We are building a new community on the Greenwich Peninsula. The area will become one of the most lively and vibrant areas of London, one which will ultimately be home for up to 30,000 people.

"We have long held that the Dome has longer-term benefits - without it we could not have realised so much of our vision for the area in such a short time. It will extend Greenwich’s heritage legacy for visitors from around the world and become a leading European contemporary entertainment centre. Its potential can further be seen in that it’s been earmarked as a key site in the London bid for the 2012 Olympics."

Timothy J. Leiweke, president and Chief Executive Officer of Anschutz Entertainment Group, said, "Today’s announcement reaffirms Anschutz Entertainment Group’s commitment to develop Europe’s finest entertainment and sports arena in London, the city we believe to be the world’s most important entertainment market. With our promise to create this world-class destination goes our pledge to join the bid to secure the 2012 Olympics for London. We look forward to starting on site."

Bert Martin of Lend Lease, part of 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."

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."

English Partnerships is the government’s national regeneration agency delivering high quality, sustainable growth in England. It does this by developing a portfolio of strategic sites and acting as the Government’s advisor on brownfield land. English Partnerships 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. I

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.

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.

Quintain Estates and Development plc is a leading UK property investment and development company specialising in strategic property acquisition, redevelopment and asset management in all property sectors. Quoted in the FTSE 250, Quintain’s current net worth is around £450m with gross assets in excess of £750m. In addition to its 18.5 acre holdings on the Greenwich Peninsula and interest in Meridian Delta Limited, at Wembley it has resolution to grant outline planning consent for a flagship regeneration project involving 5.3 million sq ft of development on 42 acres of brownfield site surrounding the new National Stadium. Quintain had developed circa 2,000,000 sq ft over the last five years and has expertise in less traditional undertakings such as social housing, student accommodation, hospitals and nursing homes.

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.