Lend Lease confirmed in a statement on Tuesday that it is 'in exclusive negotiations' with Grosvenor to enter into a joint venture for the development of the Tithebarn regeneration scheme in Preston, UK. The project is a 1.6 million square feet (150,000 m2) mixed-use scheme to be developed in partnership with Preston City Council. The masterplan will include about 1.1 million square feet ( 102,200 m2) of retail. The investment volume for the project is estimated at some £650 mln (EUR 962 mln). Construction work is expected to take place between 2009 and 2012.

Lend Lease confirmed in a statement on Tuesday that it is 'in exclusive negotiations' with Grosvenor to enter into a joint venture for the development of the Tithebarn regeneration scheme in Preston, UK. The project is a 1.6 million square feet (150,000 m2) mixed-use scheme to be developed in partnership with Preston City Council. The masterplan will include about 1.1 million square feet ( 102,200 m2) of retail. The investment volume for the project is estimated at some £650 mln (EUR 962 mln). Construction work is expected to take place between 2009 and 2012.