Lend Lease will reinvest £25m profit from sale of Greenwich Peninsula stake

Lend Lease has sold its stake in the 150-acre Greenwich Peninsula regeneration scheme in east London, to be replaced by a Hong Kong property tycoon.

Lend Lease will sell its 50% stake in the project for £100m and reinvest the circa £25m profit in other London regeneration schemes, including its redevelopment of Elephant and Castle and International Quarter in Stratford.

The firm will be replaced on the Greenwich Peninsula scheme by Knight Dragon, an investment vehicle ultimately owned by Hong Kong property tycoon Dr. Henry Cheng Kar-Shun.

Dr Cheng is chairman of New World Development, an Asian property company with a market value of approximately £4.6bn.

Once Lend Lease has sold its stake in the scheme, UK developer Quintain will reduce its stake to 40% and sell the remaining 60% to Knight Dragon.

Quintain also announced £300m of new financing for Greenwich Peninsula today.

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