Lend Lease, the Sydney-based developer and fund manager, is to launch a A$400 million (€246 million; $363 million) fund aimed at Australian commercial properties, according to a report by The Australian today.
The newspaper said the vehicle would target shopping centres and offices priced between A$80 million and A$100 million sold by distressed parties. The announcement about the fund, to be named Lend Lease Real Estate Partners No 3 fund, is expected to happen this week.
Investors in the fund, The Australian said, are to include European pension funds. It is expected to run for six years and deploy its capital within 12 months. Lend Lease is planning to finance the vehicle on a 50 percent loan-to-value basis.
The news of vehicle comes one month after PERE revealed that the firm’s Asia platform was planning to launch a development fund in mainland China aimed at suburban malls in the country’s top tier cities.
Lend Lease to launch A$400m Australia fund
The Sydney-based developer and fund manager is reportedly expected to announce this week the launch of Lend Lease Real Estate Partners No 3 Fund.
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