Greenwich Peninsula Regeneration Ltd (“GPRL”), the joint venture between Lend Lease (Europe) Ltd and Quintain, announces the sale of Pier Walk to Deka Immobilien GmbH, a subsidiary company of the DekaBank Group, the largest provider of open-ended property funds in Germany. The sale price of £97.1m represents a yield of 5.9%.

The retail units within the building will be leased back to GPRL at no cost for 125 years.

The offices, totalling 196,000 sq ft, were pre-let on a 20 year lease to Transport for London, which took occupation in August last year and now accommodates 1,800 of its employees within the building. Quintain and Lend Lease each held a 50% interest in the asset, which they jointly developed and let.

Under the terms of the deal, GPRL retains control of the seven retail units on the ground floor of the building, five of which are under offer to major retailers and restaurant brands, enabling the partners to progressively build the retail brand of this emerging destination.

Nick Shattock, Deputy Chief Executive of Quintain, commented:

“Following the successful sale of The O2 last year, this disposal at a price above valuation to Germany’s largest provider of open-ended property funds is another resounding endorsement of the value to be realised at Greenwich

Peninsula, even in the early stages of this transformational regeneration scheme.

“With footfall to the Peninsula currently at around 7 million people per annum and increasing every year as the regeneration takes shape, retention of the retail units will enable GPRL to drive increasing revenue from the scheme as we develop and open more commercial and residential buildings.”

Richard Cable, Lend Lease’s Managing Director for Development EMEA, added:

“Deka’s purchase is testament to the quality of development at Peninsula Central, which has established itself as a business district for London and a thriving riverside community in less than three years. We are currently progressing designs for a third Grade A office building of circa 250,000 sq ft with a view to securing pre-lets.

“Pier Walk has industry-beating environmental credentials and is two minutes’ walk from the tube, the river, the park and the world’s most popular entertainment venue. With the additional benefit of a 20 year lease to a regulatory authority, this is an exceptional investment for Deka that will deliver strong, stable returns.”

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For further information about Greenwich Peninsula, contact Cressida Curtis at Quintain

020 7495 8968 / ccurtis@quintain.co.uk

Notes to Editors

Greenwich Peninsula

The £5 billion regeneration of Greenwich Peninsula is led by Lend Lease and Quintain working in collaboration with the Homes and Communities Agency – a true public private partnership. The scheme will create a thriving new riverside community for London over the next 15 years.

• 10,000 new homes in distinct residential neighbourhoods
• 24,000 permanent jobs
• Peninsula Central - a new business district for London
• 150 new shops and restaurants
• 1.6 miles of river frontage; the distance between Waterloo and London Bridge
• 48 acres of open spaces and parks; the size of Green Park
• Extensive new community and leisure facilities
• The O2 entertainment destination delivered and operated by AEG Europe
• Excellent transport links, situated in zone 2 on the Jubilee Line

www.greenwichpeninsula.co.uk

Lend Lease

Lend Lease, listed on the Australian Stock Exchange, is a leading real estate specialist which creates and manages real estate assets around the world. In the UK its business is focused primarily on the delivery of large scale mixed use schemes which lead to the regeneration of major urban sites.

www.lendlease.com

Quintain

Quintain was established in 1992 and floated on the London Stock Exchange in 1996. Operating through two businesses, the Company creates value from property through large scale urban regeneration and fund management activities in sectors with strong underlying demographic trends and high barriers to entry.

www.quintain.co.uk

The Homes and Communities Agency

The HCA is the single, national housing and regeneration agency for England. It brings together the development and regeneration expertise of English Partnerships, the investment functions of the Housing Corporation, and the Academy for Sustainable Communities, with major delivery programmes of Communities and Local Government.

Its role is to create opportunity for people to live in high quality, sustainable places. It also provides funding for affordable housing, brings land back into productive use and improves quality of life by raising standards for the physical and social environment.

During the next three financial years the HCA controls a budget of £17.3bn.