Quintain joins with Knight Dragon to deliver 10,000 home Greenwich Peninsula

Under the proposed agreement Knight Dragon would provide £300 million of new financing for the Greenwich Peninsula development, in return for a 60% interest in the existing holding company for the scheme, Greenwich Peninsula Regeneration Limited (GPRL).

GPRL is a consortium made up of developers Lend Lease and Quintain Estates and Development. It has been granted the development rights for about 14 million square feet of residential-led mixed use development land across more than 150 acres at Greenwich Peninsula, including 18.6 acres of land within Peninsula Quays.

The proposed complete regeneration of Greenwich Peninsula would include the development of up to 10,000 new homes, a 3.5 million sq ft commercial district and new shops, hotels, schools and public facilities.

The site is situated along 1.4 miles of the south bank of the River Thames and covers space for a workforce of over 25,000 people, the developer said.

Before the agreement can proceed, the transaction must be approved by the shareholders of Quintain. It is planned for this to happen at a general meeting in July.

Quintain and its current joint venture partner, Lend Lease, agreed to consider arrangements whereby Lend Lease would exit the GPRL joint venture, the developer said. The proposed new agreement with Knight Dragon would mean that Knight Dragon replaces Lend Lease as Quintain’s partner in relation to the development of the GPRL Group’s land interests at Greenwich Peninsula, it 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," said Maxwell James, chief executive of Quintain. "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.”