MERIDIAN DELTA LTD BRIEFING DOCUMENT

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1 MERIDIAN DELTA LTD BRIEFING DOCUMENT 1. Meridian Delta Ltd A joint-venture between Quintain Estates and Development Plc and Lend Lease Europe Ltd, a wholly-owned subsidiary of Lend Lease Corporation. MDL has a partnership with Anschutz Entertainment Group (AEG) by which AEG will finance, develop and manage a world-class, 20,000 seat arena inside the Dome. See Notes for Editors about the three companies. 2. The Relationship between Meridian Delta and English Partnerships Meridian Delta is proposing a joint venture with English Partnerships (EP) for a development that could last for 25 years. Meridian Delta will work with EP, the London Borough of Greenwich, the Greater London Authority and all stakeholders towards a world class master-plan for the Greenwich Peninsula. Meridian Delta will meet Government s exacting requirements on sustainability, deliverability, transport, employment creation, quality of design and public consultation. Meridian Delta and EP are working to complete the agreement during May A Comprehensive Regeneration of the Greenwich Peninsula A major new community for London with an emphasis on homes, jobs, quality of environment and accessibility. Outline master-plan provides for 20,000 jobs and over 5,000 homes, with offices, associated retail and leisure facilities and significant land allocated for parkland and public spaces. The Peninsula has the potential to make the single largest contribution to the Mayor s target of additional housing in London, including significant provision of affordable and key worker accommodation. Overall, it is likely that the whole Peninsula will see investment of up to 4 billion over the next 20 years. Meridian Delta will be utilising a world-class team of architects and consultants to deliver world-class design. 1

2 4. An integrated Solution for the Dome The Dome will be retained long term as an iconic building in London. Anschutz Entertainment Group (AEG), one of the world s finest live entertainment companies, will deliver London s premier live entertainment and sports venue a 20,000 seat Olympic standard arena inside the Dome. The arena will be a fully-enclosed structure within the Dome and will be sound proofed, air conditioned and will utilise state-of-the-art technology, including the ability for national and international broadcasts. AEG plans to host up to 150 events in the arena in its first year by attracting the same calibre of performers as the Los Angeles Staples Centre. The area around the arena within the Dome and outside the Dome along the river will be called Dome Waterfront. Dome Waterfront will be open seven days a week, freely accessible and will contain a range of live entertainment and sporting facilities along with restaurants, bars, associated retail and community facilities. 5. Public Transport Led Meridian Delta will contribute significantly towards improvements to Greenwich s public transport infrastructure. The joint venture will look at all aspects of transport provision, with the potential for enhanced bus, Tube and river transport, cycle networks, and a rapid transit link to Greenwich town centre. All parts of the Dome and Peninsula will be designed to be fully accessible, minimising dependence on car use. 6. Timing Meridian Delta has today (Tuesday, 18 December) been selected by Government to enter into exclusive negotiations for the future of the Millennium Dome and the regeneration of Greenwich Peninsula. These discussions are scheduled to reach final agreement during May

3 David Hutton, the Meridian Delta spokesperson, said today: Our plans are tremendously exciting. We will deliver a world class 20,000 seat arena in the Millennium Dome and create a vibrant and successful new community for London on the Greenwich Peninsula. We are proposing to enter into a joint venture with English Partnerships (EP) to create 20,000 jobs, build over 5,000 homes and see investment of 4 billion over the next 20 years. We welcome the Government s approach to a joint venture partnership which will secure very significant returns to the public purse. Detlef Kornett, Chief Executive of Anschutz Entertainment Group (AEG) Europe, said today: We aim to create the best 20,000 seat arena in Europe which will be of Olympic standard, filling a key gap in London s venue market and hosting the most prestigious world events. We will invest 200m to deliver the arena and facilities immediately around the Dome. The Arena will be a fully enclosed structure within the Dome, sound proofed, air conditioned and utilise state-of-the-art technology to provide the most exciting and comfortable environment for concerts, sports and other live entertainment events. David Hutton, the Meridian Delta spokesperson, continued: Our focus for the regeneration of the Greenwich Peninsula will be on providing homes, as well as offices, associated retail and leisure facilities with significant parkland and public space. It has the potential to make the single largest contribution to the Mayor s target of additional housing in London, including affordable and key worker accommodation. We do not underestimate the huge task we have in front of us and we are conscious that much will be expected of us by the people of Greenwich and of London. We are now entering a period of exclusive negotiations with Government which we hope to complete during May

4 NOTES FOR EDITORS About Lend Lease Lend Lease is an integrated global real estate group comprising two businesses: Real Estate Solutions, which offers clients creating physical assets a full range of project management, construction, development, capital structuring and consulting services; and Real Estate Investment Management, serving clients who invest in real estate equity or debt. Listed on the Australian Stock Exchange, the group operates in 40 countries on six continents and has over A$87 billion ( 31 billion) under management. Lend Lease has extensive experience in developing large-scale, complex, mixed-use projects, and is one of the largest investment managers of affordable housing in the US. Relevant recent successes in the Lend Lease portfolio include Bluewater, the 240 acre shopping and leisure destination in Kent - Europe's leading retail and leisure destination - and the Sydney 2000 Olympic Village in Australia. In addition, Lend Lease was recently awarded the A$1.8 billion development of Victoria Harbour in Melbourne, Australia. Victoria Harbour is one of the largest urban renewal projects in Australia and will combine commercial, retail and residential components along 3.5kms of active waterfront. About Quintain Quintain Estates and Development Plc is a fully quoted property company that develops and invests across the UK in all sectors. Developments ongoing and completed over the last 18 months total in excess of 1 million square feet. Its last reported net worth was 357 million with gross assets of 637 million. It owns and controls 18.5 acres of land adjacent to the Dome. Quintain first invested in the Peninsula in 1997 and has made four subsequent acquisitions. It announced in May 2001 that it had put its own planning application on hold, when invited to participate in joint master-planning with English Partnerships. About AEG The corporations that make up the Anschutz Group (headquartered in Denver, Colorado) are principally engaged in telecommunications and media, natural resources, transportations, property, sports and entertainment. It is one of the largest private businesses in the USA. Amongst its real estate holdings is the 1 million square feet Los Angeles Staples Centre which last year hosted 240 events including the Grammy Awards and the Democratic Convention. Anschutz Entertainment Group (AEG) is one of the world s leading live entertainment companies and is a major investor in entertainment facilities, hockey, basketball and soccer in the USA. In Europe, AEG owns hockey franchises and a football club, and in London owns the London Knights ice hockey team. END 4

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