Lend Lease moves to take out the balance of Primelife

Published on

Ten months after capturing 43.2% and control of Babcock & Brown Communities for $195 million (including management fees) and rebranding it Lend Lease Primelife, Lend Lease has made a move to buy the other 56.8% for approximately $175 million. They will also take on about $400 million in debt. The Mum and Dad security holders plus institutions have been offered $0.31 compared to $0.30 today. This will deliver approximately 55 villages and 29 aged care facilities at a cost of $770 million or $9 million average per property.