Minerva and Lend Lease are to end their tie-up in Croydon for the development of the 1m sq ft Park Place shopping centre.
In a statement today Minerva said the arrangement, which would have seen Lend Lease buying a 50% stake in the scheme, would cease from 17 April. ‘Both parties will review the nature of Lend Lease's continuing role in the project as development manager,’ Minerva added.
Minerva said it remained focused on developing Park Place and ‘discussions with the potential anchor tenant [John Lewis] continue to progress.'
It added: ‘Active and constructive discussions with interested parties for the realisation of the Park Place scheme and the termination of the arrangements now provide greater clarity to the project in this regard’.
The news caused Minerva's shares to fall 7.5% to 113.25p.