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GlobeSt.com UPDATE: Lend Lease Completes Sale to GMAC

NEW YORK CITY-Continuing with its plan to exit the US real estate market, Lend Lease has completed the first stage of the sale of several of its debt businesses to GMAC Commercial Mortgage Corp.

By Barbara Jarvie | Updated on July 16, 2003

NEW YORK CITY-Lend Lease Corporation Limited has completed the first stage of its previously announced sale of several of its US real estate debt businesses to GMAC Commercial Mortgage Corp. Lend Lease received an amount of $86.5 million in respect of the first stage closing. In addition, Lend Lease received approximately $49.2 million for outstanding servicing advances. Once the sale is complete, the total price for the businesses is expected to be approximately $106 million with GMAC assuming all outstanding servicing advance, which are approximately $50 million.

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.”

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