Construction and property management solutions company Lend Lease Corporation Ltd
(ASX:LLC) is reportedly to launch a $400 million private equity fund which will invest in distressed assets locally.
According to a report in The Australian the company has signed up a group of institutional investors both domestic and international for the new fund which will be called Lend Lease Real Estate Partners No.3 Fund.
The paper says the fund is to invest in shopping centres and office buildings from distressed owners priced between $80 million to $100 million.
The company launched its first private equity fund almost 10 years ago called Real Estate Partners No.1.
It is understood that this new fund will have a life of six years, after which the assets in the fund will be sold.
Lend Lease recently confirmed it was a contender to acquire the ING Retail Property Fund Australia.
Lend Lease posted a loss of $653.6 million for financial year 2009.
