Lehman Bros joins Brack Capital, Apollo International Real Estate Fund., Merrill Lynch and Five Mounts Investments in the consortium that successfully bid €63.75 per share for Haslemere.

The investment will be made through Lehman Brothers Real Estate Partners, a $1.7 billion private equity fund formed in 2001 by Lehman Brothers to target real estate opportunities in North America and Western Europe. Its other recent European investments include the £920 million ($1.33 billion) privatisation of Burford Holdings, and the purchase of Swisscom's property portfolio.

Haslemere has a balanced portfolio of over 130 properties across the UK commercial property market, valued at the end of 2001 at £1.484 billion ($2.1 billion). This breaks down by value to 46% retail, 36% offices and 18% industrial/warehouse.

Lehman Brothers' participation is still subject to EU clearance.

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