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Lend Lease Wins $527 Million Government Construction Job

Lend Lease Corporation Limited (“Lend Lease”) today announced that its subsidiary, Bovis Lend Lease Limited (“Bovis Lend Lease”), has been appointed Managing Contractor by the Department of Finance and Deregulation for the design and construction of a new central office building for the Australian Security Intelligence Organisation.

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Lend Lease to Defer Asset Sales

As previously advised Lend Lease Corporation (“Lend Lease”) is not a forced seller of assets and has no intention of selling assets at sub optimal values. Given current market conditions Lend Lease does not believe it is appropriate to sell certain assets, including some equity investments in Public to Private Partnership projects in the UK this financial year. Revised guidance after the removal of these items and other adjustments for the year ending 30 June 2009 is Net Operating Profit after Tax of circa A$300 million.

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Macquarie CountryWide Sells Assets in Australia and the USA

Macquarie CountryWide Trust (ASX:MCW) today announced it has signed unconditional contracts for two disposals in Australia totalling A$14.7 million. A further settlement has also occurred on the US portfolio sale to an affiliate of Inland Real Estate Acquisitions Inc (Inland), with the completion of the sale of eight assets for US$144.1 million (A$198.9 million), bringing the total value of this transaction to US$264.1 million (A$380.8 million).

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Australand Secures Refinancing Approvals

Australand has secured approvals from three domestic banks for a total of $350 million which, subject to documentation and together with existing undrawn facilities, will provide the Group with sufficient capacity to repay the $563 million CMBS facility maturing on 25 June 2009. Existing undrawn facilities and cash at bank as at 31 March 2009 was in excess of $560 million. Commitments have also been secured to renew $100 million of the existing $150 million of unsecured facilities expiring in 2009.

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GE Voices Concerns at Rudd Bank Loophole

ONE OF the world's biggest companies - and land owners - General Electric, has called for the Rudd Government to fix a loophole in the proposed $30 billion taxpayer-funded Australian Business Investment Partnership, otherwise known as the "Rudd Bank".

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