by Cheryl Tay
Australia-based property and development company Lend Lease Corp has launched a S$1 billion shopping mall fund in Singapore.
Dubbed the Parkway Parade Partnership Ltd, Lend Lease noted that it will remain the investment and property manager of the fund, which owns Singapore's Parkway Parade shopping centre (pictured).
According to Steve McCann, Chief Executive of Lend Lease Corp, new institutional investors have entered the fund, reducing Lend Lease's investment from 21.1 percent to 4.9 percent. The company will hence receive S$144 million from the sale.
"The successful extension and recapitalization of the fund is a vote of confidence in Lend Lease's investment and asset management," said McCann.
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