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Lend Lease Acquires $292.2-Mil Portfolio

NEW YORK CITY-Lend Lease Real Estate Investments, the global financial real estate manager, has completed the acquisition of a 30-property portfolio of assets from American Industrial Properties totaling over 2.8 million sf.

By Betsy Kraat | Updated on May 17, 2001

NEW YORK CITY-As the latest in a series of REIT-related transactions, Lend Lease Real Estate Investments has acquired a $292.2-million portfolio of assorted industrial properties in various locations, including Florida, Texas, Colorado, Arizona, California and Virginia. The 30 properties were selected out of a possible portfolio of over 70, Lend Lease principal Mark Bratt tells GlobeSt.com.

“AIP had around 70 properties they wanted to liquidate, but they couldn’t find a buyer for the entire portfolio. We chose 30 well-located properties in strong markets. The remaining 40 were merged into DDR, a major shareholder and retail REIT,” explains Bratt. “Much of the portfolio we acquired is located in growth markets with supply constraints and low vacancy rates where we see significant upside potential, translating into attractive returns for VEF IV and our clients.”

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