Australia's Lend Lease launches A$2 bln fund for Sydney office tower
[SYDNEY] Australian property group Lend Lease said on Monday it had launched a A$2 billion (S$2.07 billion) fund to invest in an upcoming sprawling office tower development in Sydney's Darling Harbour.
The open-ended wholesale fund will fully acquire Tower-1 of Barangaroo South with A$1.4 billion of equity commitments from capital partners including Qatar Investment Authority and A$600 million of debt financing.
Lend Lease and Qatar Investment Authority will each provide 37.5 per cent of the equity, while Lend Lease-managed Australian Prime Property Fund Commercial will put up another 25 percent.
The developer has recently signed leasing arrangements with Marsh & McLennan Companies and Servcorp to occupy the tower, it said in a statement on Monday.
Almost two-thirds of the towers, currently under construction, have already been pre-leased. Tower-1 will be completed in the financial year ending June 2017, while towers 2 and 3 will be completed in FY16, it added.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Property
Tuan Sing confirms acquisition of Fraser Residence River Promenade for S$140.9 million
Consortium led by UOL, CapitaLand places top bid of S$805.39 million for Holland Drive site
China’s property ‘whitelist’ lifeline stutters amid sector gloom
CDL acquires Hilton Paris Opera Hotel from Blackstone funds for 240 million euros
Vang Shuiming sentenced to 13 months, six weeks’ jail
Big-name funds pile into real estate debt as banks retreat