Lend Lease Global Properties SICAF acquires Akeler Holdings SA

Lend Lease Corporation Limited today announced that Lend Lease Global Properties, SICAF, a Luxembourg-based opportunistic real estate investment company, has acquired Akeler Holdings S.A., a private real estate investment and development company, from Security Capital European Realty SICAF for £294 million.

Akeler is a property investment and development company with a strong track record in the office and business park sector in the UK and a growing presence in Europe. AkelerÂ's portfolio consists of 13 assets totalling 117,000 square metres (1.262 million square feet) and a development pipeline of a further 268,000 square metres (2.885 million square feet).

The majority of its underlying assets are in the UK, with a concentration in the Thames Valley, Leeds and Glasgow. The company is also active in Portugal and Germany.

Four of AkelerÂ's principal assets are located in the Thames Valley market. In Portugal, Akeler is completing the last phases of its Quinta da Fonte Business Park, Lisbon. The majority of the previous phases have been sold to foreign institutions. Akeler has retained the management of the entire park. The company also owns two development sites in Frankfurt and Munich, Germany.

Lend Lease Global Properties is expected to complete its investment phase this year. The Fund currently has real estate investments in the UK, Germany, Spain, Hong Kong, Japan, and Korea. Following the Akeler acquisition, Lend Lease Global PropertiesÂ' gross assets total US$950 million.

For more information please visit www.lendlease.com.

(source: Lend Lease)

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