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Lend Lease Picks Up Final Piece of Actus Lend Lease

SYDNEY-Locally headquartered Lend Lease Corp. now owns 100% of Nashville-based Actus Lend Lease, a Nashville-based division of its US communities business that has a 25% share of the privatized military housing market.

By Brian K. Miller | Updated on June 16, 2005

SYDNEY-Locally headquartered Lend Lease Corporation Limited says it has closed on the final piece of Nashville-based Actus Lend Lease that it did not already own. Lend Lease is not revealing how much it paid for the 12.5% stake, but its total investment in the division of its US communities business is $120 million, according to a Thursday morning announcement. Lend Lease formed Actus Lend Lease in 1999 after purchasing Milcon from Actus Corporation. Actus Lend Lease is focused primarily on the provision and management of family housing for the US military. Peter Koziol will continue to run the company. It has a 25% share of the privatized military housing market, according to Lend Lease. Actus Lend Lease has six operational projects involving over 24,000 individual housing units. Over the initial 5–10 year period of what are typically 50-year contracts, Lend Lease anticpates that Actus Lend Lease will manage a capital works program for these projects of around A$4.6 billion. Actus will earn facilities management revenues throughout the contract period.Actus Lend Lease also is the preferred bidder on a multi-base contract for the US Marine Corps, which is expected to reach financial close in the 2006 financial year, according to Lend Lease. The contract would include the building and renovation of an additional 3,400 homes, generating capital expenditure of around A$400 million over the first five years, as well as ongoing facilities management revenues. In addition, Actus is bidding for a number of other military privatization projects.Actus Lend Lease president Mark Menhinnitt was not immediately available Thursday morning for further comment.

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