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LONDON-Trinity College Cambridge has paid $38.4 million for share capital in Meridian Delta Dome Ltd., the company that has a 999-year lease on London’s Millennium Dome. Lend Lease Europe Ltd., with its joint venture partner Quintain Estates & Development plc sold the property.

“Greenwich Peninsula is one of Lend Lease’s flagship urban regeneration projects in the London market,” says Steve McCann, CEO of Lend Lease. “The sale of the shares in MDDL marks an important milestone in the project and fits with Lend Lease’s strategy of recycling its capital to drive the group’s return on equity.”

The Millennium Dome was recently renamed the O2 Arena. According to a release on the deal, “Trinity College will have the benefit of the rental income paid by AEG via its under-lease of The O2 Arena. The sale of MDDL does not affect AEG’s lease or their continued operation of The O2 Arena.”

The surrounding area is part of the larger Greenwich redevelopment project which will include 10,000 new homes, 3.7 million square feet of commercial space and 355,209 square feet of retail space. Lend Lease and Quintain will continue to manage the 150 acres Greenwich Peninsula Regeneration Ltd. joint venture.

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