Blackstone, China's Cindat bid for Lendlease stake

Hong Kong

BLACKSTONE Group LP and China's Cindat Capital Management Ltd are among bidders for a 50 per cent stake in LendLease Group's Australia senior housing business, which could fetch about A$1 billion (S$1 billion), people with knowledge of the matter said.

Singapore's sovereign wealth fund GIC Pte also submitted a first-round offer for the stake by the Tuesday indicative-bid deadline, said the sources, who asked not to be identified because the information is private. The Sydney-based company, which has a US$7.3 billion market value, aims to shortlist bidders in about a month, the sources said.