Complex sentence: It was renamed again, in anticipation of the 1997 opening of a reconstruction of the Globe Theatre associated with Shakespeare, on the South Bank, the theatre took on its present name, in honour of British actor John Gielgud.
Split into simpler sentences: It was renamed again, in anticipation of the 1997 opening of a reconstruction of the Globe Theatre associated with Shakespeare, on the South Bank. The theatre then took on its present name, in honour of British actor John Gielgud.