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Lend Lease To Merge Property Management With Winn

NEW YORK CITY-Lend Lease Real Estate Investments will merge its apartment management subsidiary into Winn Management Company. Winn will become one of the top 20 multifamily property managers in the country.

By Betsy Kraat | Updated on July 18, 2001

NEW YORK CITY-Winn Management Company will absorb the property management division of Lend Lease Real Estate Investments, nearly doubling their management portfolio. Under the terms of the agreement, Lend Lease will retain a minority interest in Winn. Mary Beth Lally, director of corporate communications for Lend Lease, tells GlobeSt.com the transaction will close by the end of the fourth quarter.

“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.

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