Year 2001 already has become a big number year for this integrated real estate funds management and services company. In May, company officials announced completion of a $292.2 million acquisition of a large portfolio of assets from American Industrial Properties.
The 30-property portfolio, totaling over 2.8 million square feet of space, consists of office, R&D, and industrial buildings located in Colorado, Texas, Arizona, Florida, Virginia, and California.
This transaction is the latest in a series of transactions with REITs by Lend Lease. These transactions included the purchase of Franklin Select Realty Trust's seven-property portfolio for $131.5 million and the acquisition of interests in seven prime office properties from Equity Office Properties for $533.9 million.
Beyond funds management and services, such as equity and debt origination and management, Lend Lease's offerings also include project management and construction and property development in almost 40 countries - usually on a fee-for-service basis - for a blue chip client base with a high level of repeat business. In property development, Lend Lease has expertise in commercial, retail, and complex urban mixed-use developments, with a strong retail focus, in Europe, Asia, Australia, and the United States, using primarily third-party capital.