Minerva, the UK listed property investment and development company, has announced its arrangement with Lend Lease Europe on the Park Place shopping centre development in Croydon will end on 17 April. Under the agreement signed in 2005, Lend Lease was responsible for development and asset management of the 90,000 m[sup]2[/sup] scheme, one of the largest shopping centre developments in the UK. It was conditionally agreed Lend Lease Europe, the European arm of the Australian property company, would acquire a 50% interest in Park Place.
Minerva, the UK listed property investment and development company, has announced its arrangement with Lend Lease Europe on the Park Place shopping centre development in Croydon will end on 17 April. Under the agreement signed in 2005, Lend Lease was responsible for development and asset management of the 90,000 m2 scheme, one of the largest shopping centre developments in the UK. It was conditionally agreed Lend Lease Europe, the European arm of the Australian property company, would acquire a 50% interest in Park Place.
In a statement on Wednesday, Minerva said both parties would review 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 said the termination of the agreement would provide 'greater clarity' to the project and active and constructive discussions with interested parties would continue to complete the scheme. The statement did not explain why the cooperation was being terminated.
