Lend Lease-Sinar Mas deal

Wed, 18 Sep 1996, 00:00 WIB | Source: REUTERS

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.

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