Lend Lease Real Estate Investments, an affiliate of Lend Lease Corporation, and Italian insurer Assicurazioni Generali, have formed GLL Real Estate Partners to build a European property investment and management company for European investors.
Lend Lease and Generali will each have a 40% stake in the new venture, with the remaining 20% owned by members of the GLL management team. GLL will be based in Munich and plans to raise funds from European institutions, which will also co-invest.
The vehicle, which will start buying property next year, will invest in Europe and the US. The management team will be lead by managing directors Gerd Kremer, Rainer Göbel and Dietmar Georg.
Meanwhile, Lend Lease Global Properties SICAF, an opportunistic, private equity real estate fund managed by Lend Lease Real Estate Investments, is to develop a landmark office building in Munich.
Munich Tower will comprise 8,550m2 of offices and leisure in a 22-floor tower and an adjacent five-storey building.
