Olswang - Retail Development - Croydon, Park Place Shopping Centre

Date: 30 Sep 2005

Olswang has advised Minerva, one of the UK's leading property investment and development companies, on a development agreement with Lend Lease Europe Ltd ("Lend Lease") to develop the Park Place Development ("Park Place") in Croydon.

Minerva has teamed up with Lend Lease, a leading real estate services business and a specialist developer and asset manager of shopping centres, who will lead the development and construction of Park Place.

Duncan McDonald, corporate partner at Olswang, said, "Olswang has been working with Minerva for over 14 years and we are delighted to have advised on the latest stage of its Croydon redevelopment."

This year Olswang has advised Minerva on the disposal of a number of high value investment properties for a combined consideration to date in excess of £633 million. The properties include 27/37 Wigmore Street, W1, 90/95 Wimpole Street/ 25 Wigmore Street and Delta Point, 35 Wellesley Road, Croydon, Sampson House and Ludgate House London SE1.

Paul Coster, property director at Minerva, said: "When completed, Park Place shopping centre will provide approximately 1 million square foot of accommodation comprising primarily retail space, restaurants and cafes. It will provide the properties required to re-establish Croydon as the principal shopping destination for 1.5 million people within the natural catchment area and enable Croydon to regain a Top 10 national ranking by both annual expenditure and retailer representation. We are pleased to be involved together with Lend Lease in the redevelopment of Croydon and would like to thank Olswang for its excellent advice and we look forward to continue working together in the future."

Duncan McDonald led the Olswang team assisted by real estate solicitor Julien Allen, corporate solicitors James Lyons and Jayne Williams and real estate partner Stephen Slater.

Berwin Leighton Paisner advised Lend Lease Europe Ltd.

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