LUXEMBOURG (February 6, 2004) – Ochtar Capital Partners Limited (“Ochtar Capital Partners”), an international real estate investment firm founded by the management team at Lend Lease Global Real Estate Advisors SA (“Global Advisors”), has acquired the advisory company to the $1.63 billion global property fund Lend Lease Global Properties SICAF (“LLGP”). The management buy-out was approved by the Board of Directors of Lend Lease Corporation Limited (ASX: LLC.AX) (“Lend Lease”), a global real estate company based in Sydney, Australia, following a strategic review of its international businesses. Financial terms of the transaction were not disclosed.

“We’re extremely pleased to have acquired our global advisory company from our former parent company and expect to continue providing our clients the highest level of service and investment expertise as we have delivered over the years,” said James Quille, chairman and chief executive officer of Ochtar Capital Partners. “While our name may be new, the talent and dedicated people behind the name remain the same.”

Ochtar Capital Partners, which is headquartered in Bermuda and owned and controlled by the top seven former senior executives at Global Advisors, will retain offices in Luxembourg, London, Hong Kong and Tokyo. As of December 31, 2003, Global Advisors had some US$1.6 billion in assets under management and provided asset and development management services to joint venture partners on projects valued at $455 million.

Lend Lease Chief Executive Greg Clarke said his company was very pleased that the existing management of Global Advisors was able to acquire the business, and that the sale was in accordance with the Group’s strategy and would allow Lend Lease to increase focus on its core businesses.

The seven principals of Ochtar Capital Partners, who have worked together since 1994, were responsible for the development, establishment and investment of LLGP, and have collective experience in over $20 billion of transactions in North America, United Kingdom, Continental Europe, Asia and Australia.
Ochtar also has retained the team of 31 real estate professionals at the company who have been working on LLGP and will continue to provide sourcing, structuring, developing, managing and disposition of a wide range of real estate assets across Europe and Asia.

In addition to Quille, who was previously chairman and CEO of Lend Lease Global Advisors, the senior executives include Andrew Wood who as Chief Operating Officer is responsible for the day-to-day operations of the company and the European business.

Alex Jeffrey is Finance Director and responsible for the management of all the financial and accounting functions of Ochtar Capital Partners and its managed funds, including corporate finance,statutory and management reporting, foreign exchange, hedging policy and risk management.

Digby Okell is responsible for investment management in Europe and Michael Wilkinson is responsible for investment management throughout the Asia region. Simon Treacy is responsible for all capital transactions and asset management activities in Japan, and Brett Straatemeier is responsible for all corporate finance activities in Asia.

Moon Duck Kim will be responsible for capital transactions activities in the Asia region.
Lend Lease will retain the advisor company servicing LLGP’s sister fund, Lend Lease Asia Properties SICAF. Ochtar Capital Partners will provide ongoing assistance to Lend Lease in advising this fund.

The Global Advisor platform was launched in 1999 and has successfully invested over $US 1.6 billion in a variety of sub-sector property types in Asia and Europe. Ochtar Capital Partners plans to launch a sequel fund in 2004 and is targeting to raise $750 million globally to invest in prime markets, including Hong Kong, Japan, Korea, Thailand, Singapore, China, Malaysia, Australia, and the expanded European Union and Norway.

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