LLC 2.69% $12.32 lendlease group

Ann: Lend Lease consortium to acquire ING Retail , page-2

  1. 2,602 Posts.
    re: Ann: Lend Lease consortium to acquire ING... Lend Lease takes lead in race for ING Retail
    December 16, 2009 - 11:09AM

    Lend Lease has been named as the preferred bidder for the $1.4 billion unlisted ING Retail Property Fund, which has as its main assets the $450 million Joondalup Shopping Centre in Perth.

    The highly-anticipated deal has been a two-horse race for many months between Lend Leases managed funds business and Colonial First State. It was also suggested the Future Fund would team up with Lend Lease to provide some capital.

    Property trust analysts said the deal marks a positive end to a turbulent year for the real estate investment trust sector and shows that financing remains available for the right transaction.

    In a short statement this morning, Lend Lease chief executive Steve McCann said he was pleased to announce that a consortium including Lend Lease managed funds has been appointed preferred bidder.

    The acquisition which is subject to further negotiation is expected to be completed over the next six weeks, he said. The transaction builds upon Lend Leases investment management and retail platforms and its model of investing alongside third party capital partners. Lend Lease expects to contribute up to circa 20 per cent of the capital required for the transaction.

    Lend Lease also received shareholder approfal this week to proceed with the takeover of the rest of the shares In Prime Life that is does not own.

    Lend Lease is trading up 4 cents at $9.54.

    ING Retail Property Fund Australia said there was merit in selecting the Lend Lease consortium as preferred bidder for its Australian shopping centres portfolio.

    The ING Retail Fund is a private closed end, fixed term wholesale fund that is due to expire in two years, ING Real Estate Investment Management Australia (REIMA) chief executive Denis Hickey said in a statement.

    As part of our strategic review for the Fund, we have explored all options to maximise unitholder value and at this stage there is merit in continuing to work with Lend Lease to finalise this offer.

    While ING had made the in-principle decision to sell the assets, our Australian real estate business remained an important part of INGs global real estate investment management organisation, he said.

    REIMA currently has over $9 billion in assets under management in five listed funds and development projects across Australia.

    ING said it would work with Lend Lease over the next six weeks to finalise the transaction.

    [email protected]

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