Lend Lease, the Australia-based financial services and property company, announces plans today for the UK’s largest property limited partnership, a £600m tax-efficient fund to invest in retail developments.
It will have a stake in Europe’s largest shopping centre at Bluewater, Kent, as well as others in the UK.
The fund, to be launched by Lend Lease Europe, is the latest effort by property investors to devise a UK tax-efficient structure to allow institutional investors to invest in property without having to own and manage it. Lend Lease is seeking investors in the UK and Europe who will take minimum subscriptions of £25m each.
Lend Lease will sell a stake valued at about £300m to the new vehicle. DTZ Debenham Thorpe will act as valuers to the fund and property advisers to Lend Lease.
- Financial Times 10/06/98 page 22 (News Digest)
