Lend Lease launches Singapore shopping-mall fund

21-Jun-2012 Intellasia | Market Watch | 7:01 AM

Australia-based property and development concern Lend Lease Corp. said Wednesday it has launched a 1 billion Singapore dollars (US$790 million) fund called Parkway Parade Partnership Ltd

The fund owns the Parkway Parade shopping centre in Singapore and Lend Lease will remain its investment and property manager, the company said in a statement.

Chief Executive Steve McCann said new institutional investors have come into the fund reducing Lend Lease’s investment to 4.9 percent from 21.1 percent, with the company to receive S$144 million from the sale.

“The successful extension and recapitalisation of the fund is a vote of confidence in Lend Lease’s investment and asset management,” McCann said.

http://www.marketwatch.com/story/lend-lease-launches-singapore-shopping-mall-fund-2012-06-19