Lend Lease Announces Agreement With Japan Based Sekisui House

Lend Lease enters into Implementation Agreement with Sekisui House Australia
10 September 2010

Lend Lease today announced that it has entered into an Implementation Agreement with Sekisui House Australia Holdings Pty Ltd (“Sekisui House”) involving a number of master planned community projects and apartment developments in Australia.

Sekisui House is one of Japan’s largest house builders which is expanding into Australia
following its acquisition of an Australian house builder earlier this year.

Under the Implementation Agreement, the parties will enter into agreements whereby:

* Sekisui House will acquire a 50% interest in Lend Lease’s 144 apartment development, Serrata at Victoria Harbour in Melbourne. This agreement is subject to satisfying a number of conditions. Lend Lease will retain the remaining 50% interest and provide development, project management and construction services to the joint
venture; and

* Sekisui House will purchase a land interest from Lend Lease at Hyatt Coolum on the Sunshine Coast, Queensland on which Sekisui House intends to construct up to 450 new homes. Lend Lease will provide development management services to the project. Sekisui House will also acquire a 50% interest from Lend Lease in the adjoining Hyatt Coolum resort.

Lend Lease is also in final negotiations to provide development management services to Sekisui House at its apartment project at Wentworth Point, near Homebush in Western Sydney (circa 1,900 apartments) and to jointly develop part of the project (approximately 1,200 apartments) in a 50:50 joint venture with Sekisui House. Investment by Lend Lease in this project will be subject to feasibility analysis regarding expected project returns and other preconditions.

Lend Lease will also investigate the potential to participate alongside Sekisui House in two Sekisui House residential land projects in Western Sydney and South East Queensland.

Lend Lease and Sekisui House will work together to identify further opportunities for Sekisui House to develop homes on Delfin Lend Lease community projects and to identify other joint residential development opportunities.

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Marc Pallisco

A former property analyst and journalist, Marc is the publisher of realestatesource.com.au.

Marc Pallisco

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