Lend Lease increases stake in US REIT Manager

Lend Lease Real Estate Investments, Inc. announced today that it has increased its 50% ownership stake in Lend Lease Rosen Real Estate Securities, Inc. to 74.9% and has entered into a three-year agreement to purchase the remainder of the company from its partner, Rosen Financial Services II, Inc., which is controlled by Kenneth T. Rosen and Michael A. Torres.

Lend Lease Rosen is a registered investment advisor, which manages US$1.8 billion in institutional and individual investor assets in separate accounts and mutual funds focused exclusively in real estate securities. Lend Lease entered into the venture with Mr Rosen and Mr Torres in 1997 when the firm had approximately US$125 million under management.

For more information please visit www.lendlease.com.

(source: Lend Lease)

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