Lend Lease Global Properties, Luxembourg sicav managed and sponsored by the Lend Lease group in partnership with the management, acquired all shares of the Banimmo Real Estate group.
In August 2000, Artesia Banking Corporation (now Dexia Bank Belgium S.A.), with the Pricoa group (Prudential Insurance Company of America), took a 50% stake in Banimmo Real Estate, the direct and indirect owner of a portfolio of real estate located in Belgium and Luxembourg, for a total value of about 300 million EUR.
The objective of both shareholders was to develop, in cooperation with the management of Banimmo Real Estate, a long-term winning strategy based on a large number of arbitrages, a thorough restructuring of assets and liabilities and new specific investments with a high potential in terms of capital gains.
Today, the shareholders consider that the main objectives have been reached and that the Banimmo Real Estate group has an attractive profile for a real estate investor at world level.
After consultation, Lend Lease Global Properties, Luxembourg sicav managed and sponsored by the Lend Lease group in partnership with the management, was chosen and the negotiations led to the sale of all shares to this group.
Since the start, the investment has generated an internal rate of return (IRR) of over 20 % for Dexia Bank Belgium S.A.