The businesses subject to the sale include CapMark Services, the Debt Advisory Group, which includes Program Lending, and the North American Asset Management (distressed debt) business. Lend Lease will retain co-investments of approximately $27 million which are expected to be realized over the course of the next five years.

When the announcement of the sale was made in May, Lend Lease Group CEO Greg Clarke noted that a review confirmed that these businesses "didn't fit into the company's strategy for the longer term."

Last month, Lend Lease announced that Morgan Stanley will add $13 billion in property assets to its portfolio with the acquisition of most of Lend Lease Corp.'s US real estate investment groups. At the same time, Holliday Fenoglio Fowler LP completed an agreement for a $10 million management buy-out from the Australian-based Lend Lease.