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Lend Lease Launches U.K. Social Infrastructure Fund
Lend Lease has launched the Lend Lease U.K. Infrastructure Fund to invest in existing healthcare, education and accommodation projects in the United Kingdom, which are currently owned by the firm, and acquire future projects delivered by Lend Lease.
The Australia-based property firm will seed the fund with approximately £75 million ($119 million) of assets it created through public-private partnerships (P3) and private finance initiatives (PFI) during the past decade. A further £30 million ($47 million) of assets in construction and commissioning will transfer to the fund in the future.
The social infrastructure fund is a limited partnership with an expected life of 28 years, and it received more than £220 million ($348 million) in commitments from Dutch investor PGGM Vermogensbeheer B.