This article is from the Australian Property Journal archive
THE Lend Lease managed Australian Prime Property Fund Retail has raised $500 million from existing investors in the last four weeks.
APPF Retail is an unlisted wholesale retail fund investing mainly in major-regional and super-regional properties. As at March 31, APPF Retail had interests in 14 assets valued at $3.4 billion.
Proceeds from the raising will be used to retire debt from recent acquisitions, including the Lakeside Joondalup shopping centre in Perth, Western Australia, and for committed development projects.
APPF Retail has development pipeline of more than $1 billion over the next five years.
Lend Lease CEO Steve McCann said the success of this raising demonstrates not only the quality of the fund but the depth and support of APPF’s existing investor base.
“This raising follows a number of recent successes for the Lend Lease Investment Management business, including the launch of Lend Lease Real Estate Partners 3 in December 2009 and the lead role played by the business in the acquisition of the ING Retail Fund portfolio earlier this year which added over $1.1 billion of funds under management to the platform,” he added.
Australian Property Journal
