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LONDON-Minerva and Lend Lease have signed a joint-venture agreement to develop the 900,000-sf Park Place retail scheme in Croydon. Lend Lease will be responsible for project development and asset management throughout the life of the scheme and Bovis Lend Lease will undertake the construction.

One year after practical completion, Lend Lease will have the right to subscribe for 50% of the units in a newly created trust that Minerva has set up to own the development. The acquisition price, payable in cash, will be based upon the net asset value of the trust at that time. The end value of the scheme is expected to be euro 726.8 million ($870.8 million).

Park Place will be Minerva’s biggest retail development. The FTSE 250 company has a development pipeline of euro 2.9 billion ($3.5 billion), most of which is composed of offices in London. Lend Lease has developed four major retail centers in Europe and has two currently in the pipeline.

The Australian company’s existing holdings are Bluewater in Kent, which opened in March 1999; Overgate in Dundee, which debuted in March 2000; Touchwood in Solihull, which unlocked its doors in September 2001; and TresAguas in Madrid, which opened in September 2002. Lend Lease is also developing Chapelfield in Norwich, due to open in September 2005, and Golden Square, which is set to open in Spring 2007.

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