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18 March 2008
Lend Lease acquires Craigieburn Town Centre in Melbourne
Lend Lease Corporation Limited (“Lend Lease”) today announced it has acquired a share in Craigieburn town centre, a 65-hectare greenfield development site designated as a regional town centre, located 25 km north of Melbourne. The acquisition of the site is a co-investment between Lend Lease Shopping Centre Development Pty Limited, Australian Prime Property Fund Retail and Delfin Craigieburn Pty Limited. The site was acquired 100% from Valad Property Group for A$73.5 million.
The property is located in a rapidly growing area as identified under the State Government’s planning strategy “Melbourne 2030”. The acquisition represents an opportunity to purchase a substantial greenfield development site in an area of strong population growth, with the potential to create a sustainable town centre adjacent to the existing Delfin Lend Lease Craigieburn project.
The Craigieburn site has potential for a shopping centre and bulk retail development of approximately 50,000 sqm and approximately 400 new residential lots. The end value of the mixed use town centre is estimated at approximately A$400 million. Work on the site is anticipated to commence in 2009, with completion of Stage 1 anticipated in the 2011 financial year.
Further details are included in the attached media statement.media | stock exchange
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