Lend Lease Group
(ASX:LLC) says it is the highest bidder for a new development site in Singapore.
The company says a joint bid with one of its managed funds, the Asian Retail Investment Fund, is the highest bidder for a large scale mixed use suburban development in Singapore.
Lend Lease says it will have a direct 25% interest in the project with its Asian Retail Investment Fund holding the other 75%.
Lend Lease and its fund will pay around $618 million for the site, outbidding another party who offered $601 million.
The company says the development will be funded by a combination of non-recourse project based debt and equity.
Lend Lease CEO Steve McCann says this is an important strategic transaction for the company’s Asian business as Lend Lease continues to grow its presence in the highly sought after Singapore retail market.
Lend Lease booked a $653.6 million loss for the 12 months to June 30, 2009.
