Lend Lease Fund Extends UK Spending Spree

LONDON-The fund management arm of Australian developer, Lend Lease, has secured and is in the running for a string of acquisitions worth £533 million ($813.8 million).

Lend Lease Global Properties announced yesterday it is buying a portfolio of 16 industrial units and offices across the UK from REIT Asset Management for £124.2 million ($189.6 million). Frogmore Estates, Lend Lease’s joint venture partner in the acquisition, will act as strategic property manager of the 16 assets, which total 217,800 sq m.

The latest deal comes weeks after the fund paid £294 million ($448.9 million) for UK business park developer, Akeler, and Lend Lease is also in the race to buy UK property fund South Downs Ltd for about £115million ($175 million).

Earlier this week the company announced it would quit Japan’s real estate investment trust market and dissolve its joint venture arrangement with the property owner, Tokyu Corporation.

Analysts believe the investments in Europe and UK would have a bigger impact on Lend Lease’s earnings than its attempts to establish REITs in Japan and Singapore.