Property developer and manager Lend Lease (ASX:LLC) is part of a consortium which has been selected as the preferred bidder to acquire the $1.4 billion ING retail property fund.
The company today announced that the consortium has entered into negotiations for the 14 assets of the fund, a process which is expected to be concluded within six weeks.
Lend Lease will pay up to around 20% of the purchase price of the assets, the company said.
Lend Lease yesterday received court approval to acquire the remaining stake in Primelife Group. As a result, Primelife has been delisted from the ASX.