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GlobeSt.com EXCLUSIVE: HFF Management Buyout Likely as Lend Lease Exits US

NEW YORK CITY-It's been rumored for months, but now it's official. Lend Lease has confirmed that it will exit the US real estate investment sector. GlobeSt.com has learned that a management buyout of Holliday Fenoglio Fowler is still the likely option.

By Barbara Jarvie and John Salustri | Updated on May 29, 2003

NEW YORK CITY-Lend Lease Corp. has made official the months of rumors; it has revised its business strategy and plans to exit from its US real estate investments and some European-based investment operations.

In terms of what the result will be for the corporation’s various business units–and specifically Holliday Fenoglio Fowler, “We’re in the process of looking at Holliday Fenoglio and how that process will be completed,” says spokesperson Jonathan Miller. But GlobeSt.com has learned that, much as we reported in November 2002, a management buyout of the unit is still the dominant option. Left unclear by the Sydney-based firm’s official statement is what will happen to the global fund. Our source says they may keep it since it was a profitable entity.

Miller says no timeframe has been decided for the exits, but that the pace has picked up since strategizing began last summer. Yet, one source has stated that, “June 30 is year end. Draw your own conclusions.”

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