Lend Lease-Sinar Mas deal

Lend Lease-Sinar Mas deal

SYDNEY (Reuter): Lend Lease Corp said yesterday it had reached a joint venture agreement with the Sinar Mas conglomerate for the construction of a commercial and retail complex in Indonesia which would be valued at A$200 million on completion.

The venture between Lend Lease Asia Holdings Pte Ltd and the Sinar Mas development unit Duta Pertiwi would construct an 11.3 hectare complex in the rapidly expanding Cempaka Putih district located five kilometers northeast of Jakarta.

The site would comprise a total of 540 "shophouses", or combination shops/residences, which would be built over a four year period and several apartment towers, subject to market demand. Lend Lease said it would take a 50 percent stake in the project for an outlay of A$50 million, with debt to be utilized as well to finance the construction of infrastructure facilities and improvements.