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March 8, 2010
Property Company Raising £470 Million for Acquisitions as Chief Executive Predicts Bottom of the Market is Close
Lend Lease, the Australian developer is raising £470 million to help fund its development pipeline and purchase new assets. The group recently announced a A$204.9m pre-tax profit for the six months ending December 31st. Group chief executive and managing director Steve McCann said “we believe that now is the right time to deploy capital, as we are near the bottom of the cycle.” The weakening of the pound and the gradual improvement in the availability of finance appear to be making the UK increasingly attractive for foreign investors.