Business Services Industry
GPT plans force Lend Lease down.(General Property Trust, Lend Lease Corporation Ltd.)(Brief Article)
Australasian Business Intelligence, February, 2005 by Manning, Paddy
Feb 20, 2005 (The Australian - ABIX via COMTEX)
Shares in Australian investment and construction group, Lend Lease, fell again on 18 February 2005. This followed news that General Property Trust (GPT) intends to internalise its management. As well, it will form a joint venture with Babcock & Brown to invest in European property. Lend Lease shares ended $A0.58 down at $A13.02, since it appears that it will lose the management rights for GPT. These account for about 10 per cent of its earnings. According to Mark Ebbinghaus of UBS, Lend Lease will not be compensated for the value of the management rights.
Publication Date: 19 February 2005
LEND LEASE CORPORATION LIMITED - ASX
LLC:
GENERAL PROPERTY TRUST - ASX GPT:
BABCOCK...
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