Lend Lease Retail Partnership extended
Published: 21 December, 2010
Bluewater and Touchwood owner sees lifespan extended for seven years
The Lend Lease Retail Partnership, which owns 25 per cent of Bluewater in Kent and 100 per cent of Touchwood in Solihull, has extended its lifespan until November 2017. The close ended limited partnership had previously been due to terminate in March 2011.
And significantly some terms of its mandate have been changed to allow the potential to undertake selective acquisitions over the coming 18 months. The overall strategy of the partnership will be to remain invested in prime UK shopping centres
Lend Lease Group chief executive officer and managing director, Steve McCann, said the extension was a vote of confidence in the investment and asset management business and the quality of the Bluewater and Touchwood assets.
“In an uncertain market, our clients have selected Lend Lease as a trusted investment partner to continue to deliver performance for them,” said Mr McCann.
“The extension and mandate to buy enables us to proactively seek opportunities in the UK market, enhance the diversity of the partnership’s portfolio and further leverage the specialist asset management skills within Lend Lease.”
