Lend Lease RE Investments and Assicurazioni Generali Create Global Venture

NEW YORK CITY-Lend Lease Real Estate Investments, the New York-based affiliate of Sydney-based Lend Lease Corp., has joined with Assicurazioni Generali, established in Trieste, Italy in 1831, to form GLL Real Estate Partners GmbH, a Munich-based property investment and management company. A spokesman for GLL tells GlobeSt.com it will raise money from European institutions. This “Pan European project,” as the spokesman terms it, will invest in properties around the world.

The spokesman says that GLL’s management will come from outside the two founding companies. Managing directors Gerd Kremer, Rainer Gobel and Dietmar Georg, have been appointed to lead the company. The management team will actually own 20% of GLL, leaving 40% each to Lend Lease and Generali. GLL will tap the resources of the organizations creating it, but will be its own entity.

“GLL, in view of the expected transformation in the real estate market, with the move from direct to indirect ownership and professional management, will be ideally positioned for such a trend,” says Gianfranco Gutty, vice chairman and managing director of Generali, in a prepared statement.