"Property management is not a core activity for us, and this transaction fits with our strategy to focus on our institutional investment management business," says Fred Pratt, CEO of Lend Lease. "Our minority interest in Winn Management will position us to continue to influence how our significant apartment portfolios are managed on a day-to-day basis for our clients." William W. Wollinger, president of Winn Management, will serve as president and COO of the merged company, which will operate from Winn's corporate headquarters in Boston with divisional offices in California, Virginia and Ohio. Winn Management Co. was founded in 1972 and is an affiliate of the Winn Development Company.

Lend Lease will continue to provide investment management services for its client portfolios with more than 134,000 apartment units. The company is a leading advisor to pension funds and other institutions investing in multifamily properties. Lend Lease acquired its property management business in late 1999 as part of the acquisition of Boston Financial Group.