Lend Lease acquires Belgian real estate company Banimmo

This acquisition completes Lend Lease Global PropertiesÂ' investment programme

Lend Lease Corporation Limited today announced that Lend Lease Global Properties, SICAF, a Luxembourg based global real estate opportunistic investment company, has acquired Banimmo Real Estate and Banimmo Real Estate Management Company, a Belgian real estate investment and development company. Banimmo was acquired by Lend Lease Global Properties in a joint venture with the existing management from EPP Belend Sarl, a wholly owned subsidiary of the European Property Partners Limited Partnership (advised by PRICOA Property Private Equity), and Dexia Banque Belgique SA for €270 million.

Banimmo is a property investment and development company with a strong track record in the repositioning and redevelopment of office and retail properties in Belgium and Luxembourg. BanimmoÂ's current portfolio comprises 21 investment properties totalling 210,000 square metres (2.3 million square feet) concentrated in Brussels and Antwerp, and a development land bank of eight sites in various stages of planning approval in Belgium and Luxembourg.

Lend Lease Global Properties has now completed its investment phase. The Fund currently has real estate investments in the UK, Belgium, Germany, Spain, Hong Kong, Japan, and Korea. Following the acquisition of Banimmo, Lend Lease Global PropertiesÂ' gross assets total approximately US$1.5 billion.

(source: Lend Lease)

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