21 July 2009: Australian Prime Property Fund Retail (APPF Retail) MTN Issue

Australian Prime Property Fund Retail (APPF Retail) today announced completion of a new A$250m, three year Medium Term Note (MTN) issue due 30 July 2012. The issue was priced at a margin of 340bps above swap and is scheduled for settlement on 30 July 2009.

Australian Prime Property Fund Retail (APPF Retail) today announced completion of a new A$250m, three year Medium Term Note (MTN) issue due 30 July 2012. The issue was priced at a margin of 340bps above swap and is scheduled for settlement on 30 July 2009.

APPF Retail, Australia’s highest rated wholesale unlisted Fund (A/Stable/A-1 by S&P), received strong investor support with the issue being more than twice oversubscribed from the launch volume of A$150 million.

Carmel Hourigan, Chief Executive of APPF said: “We are delighted with the result and very encouraged by the strength of investor demand. Despite having already refinanced our A$150m September maturity, we wished to maintain a presence in the domestic MTN market and targeted an A$150m new issue. Following strong support from investors we increased the issue to A$250m. There was market capacity to increase further, however the Fund is committed to maintaining a conservative financial profile and we believe this is one of the reasons the issue was so well supported.

“The Fund is continuing to diversify its capital sources through accessing the debt capital markets, and the issue provides capacity for growth opportunities and will enable funding of future working capital requirements. We see the demand for the issue and subsequent pricing as a strong endorsement for the APPF Retail strategy, and continue to view the capital markets as a viable source of funding,” she said.

The MTNs are unsecured and the raising follows the Fund’s successful refinancing of a bank facility in early 2009.

Commonwealth Bank of Australia and Westpac Banking Corporation acted as Joint Lead Managers to the transaction.

For more information contact:

Carmel Hourigan Chief Executive Officer, APPF Lend Lease Investment Management +612 9277 2054 or 0434 601 097	Sally Cameron Group Executive, Investor Relations Lend Lease +612 9236 6464
Mark Goddard Head of Syndicate Westpac Banking Corporation + 612 8253 4574	Paul O’Brien Head of Syndicate Commonwealth Bank of Australia +612 9117 0046
Sam Novellini Associate Director Westpac Banking Corporation +612 8253 4371	Rob Kenna Senior Manager Commonwealth Bank of Australia +612 9118 1219

Notes to Editors

Australian Prime Property Fund (APPF) Retail

Established in 1989, Australian Prime Property Fund Retail (APPF Retail) seeks to maximise returns to investors through the long term ownership, development and repositioning of quality diversified, predominantly core Australian retail real estate assets.
The Fund comprises interests in 12 retail assets totalling A$3.1billion.
APPF Retail leverages Lend Lease’s integrated business model through exposure to specialist retail, development, management and delivery skills.

Lend Lease Investment Management

Lend Lease has 50 years of experience in property investment management, having launched Australia’s first unlisted property trust in 1959, and one of the nation’s leading institutional funds, Australian Prime Property Fund in 1989.

Lend Lease’s global investment management platform spans Asia, Australia and the UK. We manage approximately A$11.2 billion in property assets via Funds and joint venture agreements.