This article is from the Australian Property Journal archive
LEND Lease is ending 2010 on a high.
In addition to its acquisition of Valemus yesterday, Lend Lease has been selected by the Melton Shire Council as preferred proponent for the $1.2 billion Toolern master-planned urban community project in Melton Victoria.
Located in Melton South, approximately 35km west of Melbourne, in the Melton Growth Corridor, the project will be delivered over thirteen years, with first sales expected to occur in late 2011.
On completion the Toolern joint venture community will comprise in excess of 4,500 dwellings and include two schools, civic and community facilities, a town centre, neighbourhood shopping centre and a 131 hectare regional park.
CEO Steve McCann said the project will replenish the group’s backlog in Victoria which is a key growth market.
Lend Lease also extended the term of the Lend Lease Retail Partnership until November 2017.
LLRP is a close ended unlisted wholesale limited Partnership holding retail properties in the UK, and had been due to terminate in March 2011. LLRP owns 25% of Bluewater in Kent, Europe’s leading retail and leisure destination, and 100% of Touchwood shopping centre in Solihull. Lend Lease provides development, asset and property management services to the fund.
In addition to extending the life of the Partnership, some terms of its mandate have been modernised in response to market changes, including the potential to undertake selective acquisitions over the coming 18 months. The overall strategy of the Partnership will be to remain invested in prime UK shopping centres.
“In an uncertain market, our clients have selected Lend Lease as a trusted investment partner to continue to deliver performance for them.
“The extension and mandate to buy enables us to proactively seek opportunities in the UK market, enhance the diversity of the Partnership’s portfolio and further leverage the specialist asset management skills within Lend Lease,” McCann concluded.
Australian Property Journal
