Lend Lease Group (ASX:LLC) says it has launched a $153 million private equity fund to acquire a portfolio of four shopping centers in New Zealand.
Lend Lease will have a 5.3 per cent co-investment in the fund that will be called the Lend Lease Real Estate Partners New Zealand Fund.
The property developer says the fund is a wholesale investment vehicle that has equity commitments of around $90 million from global institutional investors.
Separately, yesterday Lend Lease said it would implement the final phase of the US Army lodging privatization program which has a value of $590 million.
In the 2011 financial year Lend Lease recorded a net profit of $493.2 million.
