Majority Australian-owned property company Lend Lease has completed its deal to buy ING Retail Property Fund Australia's New Zealand assets, in a deal worth more than $185 million.Lend Lease announced in December that it was in talks to buy ING Retail Pro
Majority Australian-owned property company Lend Lease has completed its deal to buy ING Retail Property Fund Australia’s New Zealand assets, in a deal worth more than $185 million.
Lend Lease announced in December that it was in talks to buy ING Retail Property Fund’s AUD$1.4 billion portfolio.
Today the Overseas Information Office revealed its decision on Lend Lease’s bid to buy $183,130,000 of ING Retail Property Fund assets in New Zealand.
The properties sold in the deal included Dunedin’s Meridian Mall and three Dress Smart factory shopping mall outlets – one in Tawa, one in Hornby and another at Onehunga.
Lend Lease is 77% Australian owned, 8.85% United States owned and 7.31% United Kingdom owned with the remaining 6.84 million owned by overseas individuals.
“The acquisition is part of the wider acquisition of all of the assets of the ING Retail Property Fund Australia and is consistent with [Lend Lease’s] desire to expand its global portfolio of commercial hopping centres and invest in quality, well performing assets,” the Overseas Information Office said.
Australia’s largest development company, Lend Lease owns retail properties in Singapore, Australia and the United Kingdom and many community projects including Fort Hood Family Housing at Texas and Army Hawaii Family Housing.
It also owns many commercial projects including the Petronus Towers at Kuala Lumpur and Lotte World mixed use development at Moscow.
