|
contents | business | |||||||||
| Lend Lease and Quintain sell shares in Meridian Delta Dome Ltd. Lend Lease Europe Ltd and Quintain Estates & Development plc have announced the sale of the share capital in their joint venture Meridian Delta Dome Limited (MDDL) to Trinity College Cambridge for £24 million. They continue to own and manage the regeneration of the surrounding 150 acres through the Greenwich Peninsula Regeneration Ltd (GPRL) joint venture. MDDL has the benefit of a 999 year lease of the land on which the former Millennium Dome sits, together with the surrounding land. By purchasing MDDL, Trinity College will also have the benefit of the rental income paid by AEG via its under-lease of The O2 Arena. This rental income is linked to ticket sales and in the last calendar year this amounted to £1.5m. AEG invested £350m in transforming the Millennium Dome into The O2. The sale of MDDL does not affect AEG's lease or their continued operation of The O2, which has the highest ticket sales of any venue in the world. Lend Lease and Quintain formed MDDL to hold the 999 year reversionary lease of the Millennium Dome in 2002, when they also acquired the right to develop the wider scheme at Greenwich Peninsula. They are now transforming the Peninsula into a 14.1m sq ft new district for London comprising commercial, academic, retail and residential buildings. With The O2 now an international success, the objectives of the original acquisition have been achieved and the proceeds from the disposal will unlock funds that can be invested by GPRL in the further development of Greenwich Peninsula. write your comments about the article :: © 2009 Construction News :: home page |