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18 December 2001
Sale of Larry Smith Italy
Lend Lease Corporation Limited ("Lend Lease") announces that it has sold its Larry Smith property management operation in Italy ("Larry Smith Italy") for a small profit to European Commercial Properties N.V. ("ECP"). The sale will have no effect on the activities of Larry Smith in Spain, which will continue to operate within the Lend Lease Group on a pan-European level, based in Madrid.
The sale forms part of Lend Lease’s reorganisation of its operations in Italy. This will involve its Real Estate Investment Management activities being focused through its joint venture with Generali. Lend Lease’s construction and project management services business will continue through Bovis Lend Lease and the recently announced joint venture with Pirelli.
"Asset and property management are core to our activities when they are supporting assets in which we, or clients, have invested capital, as with our UK retail asset portfolio. We remain strongly committed to expansion in the Italian market, notably through our strategic relationship with Generali", said Charles Foster Taylor, CEO of Lend Lease Real Estate Investments, Europe.media | stock exchange
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