Quintain Estates and Lend Lease have agreed terms to establish a new joint venture company called Peninsula Quays to carry out joint developments at Greenwich Peninsula.
The new venture will first carry out the proposed development of 3,000 homes on a 22 acre site in the north west of the peninsula. Quintain and Lend Lease have also appointed Stephen Boid, previously a regeneration director with Crest Nicholson, as chief executive of Peninsula Quays.
Peninsula Quays will be incorporated within a 50:50 joint venture holding company called Greenwich Peninsula Regeneration. Meridian Delta – the first vehicle established by Quintain and Lend Lease for the regeneration and development of Greenwich Peninsula, is also part of the holding company. Meridian Delta has total assets with a book value of £39.8m and last year made a loss before tax of £350,882.
The joint venture partners say they can each commit up to £100m maximum to the new vehicle – a maximum figure that would include the funding already provided to Meridian Delta. The new reorganised joint venture will allow Quintain and Lend Lease to carry out joint management of the ongoing development.
Nick Shattock, deputy chief executive at Quintain, said: ‘This reorganisation is part of the acceleration of our delivery of the emerging new community at the Greenwich Peninsula.
Peninsula Quays will provide us with a focal point for the enormous opportunity presented by this well-located site which faces Canary Wharf.’
Lend Lease chief operating officer Daniel Labbad 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.’