This article is from the Australian Property Journal archive
LEND Lease and Minerva have severed ties over the Park Place development in the United Kingdom and its role as development manager is now being reviewed.
Lend Lease’s and UK property giant Minerva had entered into a JV in November 2006 whereby Lend Lease would buy a 50% interest in Park Place for £92.5 million ($A230 million).
But it has been revealed that Lend Lease has decided not to proceed with the transaction and the JV was conditional upon Lend Lease buying a 50% interest in Park Place.
And now Minerva said both parties will review the nature of Lend Lease’s continuing role in the project as development manager.
“Minerva remains focussed on delivering the Park Place Shopping Centre in Croydon
and discussions with the potential anchor tenant continue to progress.
“Minerva continues to have active and constructive discussions with interested parties for the realisation of the Park Place scheme,” the company said.
The relationship will end effect April 17.
In March last year, The Secretary’s State office approved the Park Place proposal.
Once completed, the Park Place development will have over 85,000 sqm of retail accommodation including a new full line department store; 14 major space users and over 120 speciality retail shops and restaurants.
Park Place is located in Croydon in Greater London and the area is amongst the strongest 10 retail locations in the UK.
Construction is expected to start in early 2008 with completion forecast in 2011.
Australian Property Journal
