Lend Lease Group
(ASX:LLC) has announced that a consortium including Lend Lease managed funds has been appointed preferred bidder to acquire the 14 assets of the $1.4 billion ING Retail Property Fund.
The transaction builds upon the company’s investment management and retail platforms and its model of investing alongside third party capital partners.
Lend Lease expects to contribute up to approximately 20% of the capital required for the transaction.
The acquisition is subject to further negotiation and is expected to be completed over the next six weeks.
Lend Lease posted a loss of $653.6 million for fiscal 2009.
