Transactions - JUNE 29, 2015

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Lend Lease fund set for $2b tower

by Andrea Waitrovich

Australia-based Lend Lease has launched a new commercial wholesale open-ended property fund to invest in the $2 billion commercial Tower 1 at Barangaroo South in Sydney.

Lend Lease One International Towers Sydney Trust is the second fund established to invest in the precinct and will be managed by Lend Lease's Investment Management business. Construction of the third and largest commercial tower, known as Tower 1, commenced in April 2014.

The new fund will acquire 100 percent of Tower 1 with circa $1.4 billion of equity commitments from capital partners and circa $600 million of debt financing.

The Qatar Investment Authority has committed to a 37.5 percent investment and the Lend Lease managed Australian Prime Property Fund Commercial has committed to a 25 percent investment. Consistent with its strategy of investing alongside capital partners, Lend Lease will hold the remaining 37.5 percent, as a co-investor.

Commitments to the fund will

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