This article is from the Australian Property Journal archive
LENDLEASE has launched a $400 million fund, which will be seeded with two hospitals and Darling Harbour Live.
The Lendlease Public Infrastructure Investment Company (LLPIIC) will invest in three in social infrastructure public private partnerships (PPP) assets, namely the Sunshine Coast University Hospital, New Bendigo Hospital and Darling Harbour Live. All three projects are currently in delivery and are expected to commence their operational phases over the next 12 months.
An Australian based institutional investor will hold a 90% investment in LLPIIC and Lendlease will hold a 10% interest.
CEO Steve McCann said the sale of the PPP equity positions is in line with Lendlease’s strategy and the the transaction illustrates the strong track record Lendlease had built in social infrastructure in recent years.
“Lendlease has developed a strong track record in financing and developing quality infrastructure assets. Selling our equity interests, at or near the operational phase, is a consistent feature of our strategy. We also welcome the continued support of our co-investors,” McCann said.
Following this transaction, Lendlease expects to deliver a profit after tax of between $680 million and $710 million for FY16.
Australian Property Journal
