A consortium including Lend Lease managed funds has been named the preferred bidder in the acquisition of the assets of the ING Retail Property Fund.
The 14 assets are valued at $1.4 billion. In a brief statement to the Australian Securities Exchange, Lend Lease said the acquisition, which is subject to further negotiation, is expected to be completed over the next six weeks.
Lend Lease’s statement said the group expected to contribute up to around 20 per cent of the required capital for the acquisition.
The group said the transaction “builds upon Lend Lease’s investment management and retail platforms” as well as its model of investing alongside third party capital partners.
