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12 September 2008
Delfin Lend Lease and MREEF win major community development in ACT
Lend Lease Corporation Limited (“Lend Lease”) today announced that its subsidiary, Delfin Lend Lease Limited (“Delfin Lend Lease”) in partnership with Macquarie Real Estate Equity Fund No. 6 Pty Ltd (“MREEF”) were the
successful bidders for the acquisition and development of the Land Development Agency’s (“LDA”) Casey 2 site in Canberra, Australian Capital Territory (“ACT”).
The site was purchased for A$52 million and is due to settle in December 2008. Delfin Lend Lease will provide exclusive development services and form a joint venture with MREEF to develop the land.
The 100-hectare site is located in north-west Canberra, four kilometres from the Gungahlin Town Centre, and is included in the LDA’s forward release programme for development over the next one to two years. The site has an approved concept plan for 1,100 lots with a requirement for 15% of the dwellings to be provided for moderate income housing, which supports Lend Lease’s affordable housing strategy. The project is expected to commence in 2010, with a trading timeframe of approximately seven years.
Delfin Lend Lease is Australia’s leading developer of urban communities with 25 projects across Australia. The development will continue to build on the position Delfin Lend Lease has established in the Canberra market through the current Forde project.
MREEF is a series of wholesale development funds, managed by Macquarie Bank Limited, with 35 active projects, and total equity under management of over A$400 million. The MREEF series and its quality development partners invest in a variety of projects across Australia. The joint venture with Delfin Lend Lease at Casey 2 provided an excellent opportunity for MREEF to bolster its stable of quality development projects.
For further information, please contact:
Sally Cameron
Lend Lease Corporation
Tel: 0419 482 523
Stephen Hynes
Macquarie Real Estate Equity Funds
Tel: 02 8232 3930stock exchange
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