News on 18 October 2000
Insurance company Generali has formed a joint venture with
property company Lend Lease, which manages over £28m ($41bn) in
US institutional property assets. The two companies will form a property
fund management company which will purchase some of Generali's own real
estate from its £6.7m (E11.4bn) portfolio.
It will be the first fund management operation for Lend Lease Europe,
developers of several of Europe's largest shopping centres including the
Bluewater complex in the UK. Only last month Australian-based Lend Lease
say it was looking to buy a German company to expand its European operations.
Lend Lease and Generali will each own 40 per cent of the newly formed
company, with its management owning the remaining 20 per cent.
