Lend Lease Retail Partnership

Fund structuring, forward funding agreement and £510m equity raise.

Objective:

  • To launch the European fund management arm of Lend Lease by attracting institutional capital to invest in their first fund – Lend Lease Retail Partnership 1997/98.

Services:

  • Structuring the offer.
  • Recommendation of investment vehicle, asset content and preparation of term sheet.
  • Pre-marketing presentations on Bluewater construction site to test market offer – retention of Bluewater and Touchwood Centre, Solihull for forward funding but deferment of Dundee scheme.
  • Preparation and negotiation of forward funding Heads of Terms.
  • Preparation of full marketing road show and all promotion material (full FSA Operator services) – including full PPM.
  • Formation of additional offshore feeder funds to cover full investor requirements.

Results:

  • £510m of equity raised from 21 investors including feeder funds.
  • Acted for LP needing early exit by delivering matched bargain transaction at 10% premium to NAV – the first of many secondary transactions to be carried out over the 18 year life of this fund ( 2 – 7 year roll over extensions).