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LENDLEASE GROUP Capital/Financing Update 2009

Dec 20, 2009

65243_rns_2009-12-20_fb12c702-a978-4fd2-9873-467648f50da3.pdf

Capital/Financing Update

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ASX Announcement

Lend Lease launches new wholesale Fund

21 December

Lend Lease today announced the close of a new wholesale fund, Lend Lease Real Estate Partners 3 (“LLREP3”), after receiving A$218 million in commitments from a small group of investors.

The Fund will seek to invest in good quality sub-regional shopping centres and commercial assets over the next 12 months. The Fund will focus on sectors where Lend Lease has significant expertise, and will aim to enhance returns for its wholesale investors over its six year life. With target gearing of 30% - 50%, the Fund will have capacity to invest over A$350 million.

The Fund is expected to participate in the Consortium which has been announced as the preferred bidder for the ING Retail Fund.

Steve McCann, Lend Lease Chief Executive Officer and Managing Director, said “The vehicle is designed to bring like-minded investors together to take advantage of the current low point in the property cycle. Our ability to attract and bring together global investment partners in the current climate is testament to the reputation Lend Lease enjoys in the wholesale property investment sector.”

LLREP3 is the third investment vehicle in the successful Lend Lease Real Estate Partners series.

LLREP3 builds on Lend Lease’s strong Australian platform of wholesale property funds including Australian Prime Property Fund Series covering the retail, commercial and industrial sectors.