AI assistant

Sign in to chat with this filing

The assistant answers questions, extracts KPIs, and summarises risk factors directly from the filing text.

Sign up Log in

LENDLEASE GROUP Capital/Financing Update 2009

Aug 13, 2009

65243_rns_2009-08-13_3823e999-98dc-47d6-9d43-95476130f02b.pdf

Capital/Financing Update

Open in viewer

Opens in your device viewer

Stock Exchange Announcement

Lend Lease Acquires Properties from Prime Retirement and Aged Care Property Trust

14 August 2009

Lend Lease Corporation Limited (“Lend Lease”) today announced that it has entered into agreements to purchase nine Aged Care facilities and four Retirement Villages from Prime Retirement and Aged Care Property Trust (“Prime Trust”) for a total consideration of A$76.75 million (excluding costs). This represents an initial yield of 12.5%.

The Aged Care facilities and Retirement Villages are currently leased and managed by Lend Lease Primelife (“LLP”) and this arrangement will continue following the change in ownership from Prime Trust to Lend Lease.

Settlement of nine of the acquired properties is expected to be completed by the end of September. Settlement of the remaining four properties is conditional on a number of consents including approval from the Department of Health and Ageing. This is expected to be received within the next three months.

LLP and Lend Lease have granted each other rights in the event of disposal of these assets which lapse on 30 June 2011.

Lend Lease Chief Executive Officer and Managing Director, Steve McCann said: “This acquisition is important for Lend Lease’s aspirations in the retirement sector. It enables LLP to focus on operating its business as a leading manager of retirement and aged care assets in Australia. The acquisition presented Lend Lease with a strategic opportunity to invest capital at an attractive yield,” he added.

For more information contact:

Sally Cameron Lend Lease Corporation Tel: 02 9236 6464