Lend Lease launched its second UK limited partnership this week.
As revealed in Estates Gazette last month, five investors and Lend Lease have commited £137m to the vehicle which now owns the Overgate Centre in Dundee. The five funds are: Barclays Property Investment, BG Group pension fund, Equitable Life, Morley Properties and NFU Mutual.
Overgate opened in March and 1.2m people visited in the first month. The 39,018 sq m (420,000 sq ft) centre’s tenants include the largest H&M in Scotland and the only Gap and Gapkids in Tayside.
Lend Lease’s first limited partnership owns 25% of Bluewater in Kent and Touchwood in Solihull which is under construction.
DTZ advised the Lend Lease Overgate Partnership. The investors were advised by Healey & Baker, Lunson Mitchenall, Morgan Loggie, Parkes & Co and Weatherall Green & Smith.
EGi News 06/06/00
