Hong Kong firm takes over Greenwich Peninsular

Aaron Morby 12 years ago
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Developer Quintain Estates has found a new backer to replace Lend Lease on the massive Greenwich Peninsular scheme in London.

Hong Kong investor Knight Dragon will plough £300m into financing the scheme after taking a 60% stake in a new joint venture to develop the 150-acre site.

The deal paves the way for the transformation of Greenwich Peninsula, including the development of up to 10,000  homes, a 3.5m sq ft commercial district, as well as new shops, hotels, schools and public facilities along 1.4 miles of Thames river frontage.

Quintain’s previous 50:50 joint venture with Lend Lease will be bought out as part of the complex deal.

Lend Lease expects to receive around ₤100m, booking a ₤25m profit on the sale, net of tax and other costs.

Under the new deal, Quintain will now act as development and project manager for six-years receiving an annual fee from Greenwich Peninsula Regeneration Limited.

Maxwell James, chief executive of Quintain, said: “This is a transformational deal for Quintain and is the next step in realising the inherent value in our key London projects by attracting significant third party capital.

“It introduces a highly respected and experienced partner who brings considerable financial strength and a network of global relationships.

“Together, we are well placed to turn our vision for this landmark project for London into reality, creating thousands of homes and jobs in the process.”

So far Quintain and Lend Lease have spent £127m on infrastructure at the site and the first stages of development around the public realm in front of The O2 entertainment complex have been completed.

The next stage of the project will focus on delivering housing.

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