The spokesman says that GLL's management will come from outsidethe two founding companies. Managing directors Gerd Kremer, RainerGobel and Dietmar Georg, have been appointed to lead the company.The management team will actually own 20% of GLL, leaving 40% eachto Lend Lease and Generali. GLL will tap the resources of theorganizations creating it, but will be its own entity.

"GLL, in view of the expected transformation in the real estatemarket, with the move from direct to indirect ownership andprofessional management, will be ideally positioned for such atrend," says Gianfranco Gutty, vice chairman and managing directorof Generali, in a prepared statement.

"GLL will bring to Europe the highest standards of professionalreal estate investment," says Matthew Banks, CEO of Lend Lease REInvestments in the statement. "The partnership's priority will beto open up the great property opportunities that exist acrossEurope and the United States to European institutionalinvestors."