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23 December 2005
Delfin Lend Lease Acquires Project In North East Melbourne Growth Corridor
Lend Lease Corporation Limited (“Lend Lease”) today announced that its masterplanned communities business, Delfin Lend Lease, has acquired the Laurimar residential estate at Mernda, which will become the Delfin Lend Lease flagship in Melbourne’s north east growth corridor.
Laurimar is already home to an estimated 1,500 residents in 500 homes. Delfin Lend Lease will develop approximately 1,800 residential lots, a 4,000 square metre retail centre and parks on the remaining 200 hectares over the next ten years. On completion, the development will be home to around 9,000 residents.
The acquisition of Laurimar complements Delfin Lend Lease’s existing portfolio in Greater Melbourne. Delfin Lend Lease will pay $61 million for the project on a staged payment basis. The project is expected to contribute to Lend Lease earnings in FY07.
Further details are included in the attached media statement.media | stock exchange
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