Banimmo's current portfolio comprises 21 investment propertiestotalling 2.3 million sf in Brussels and Antwerp, and eightdevelopment sites in Belgium and Luxembourg.

James Quille, Chairman of Lend Lease Global Properties said:"The acquisition of Banimmo is an exciting complement to Lend LeaseGlobal Properties' European investment portfolio. This acquisitionadds another dimension to our current portfolio, offering strongcurrent cash flow with growth potential via the developmentpipeline, in a market set to experience strong demand arising fromthe expansion plans of the European Union government infrastructurein Brussels.

The deal means Lend Lease Global Properties has now completedits investment phase. The fund has invested $1.5 billion in the UK;Belgium; Germany; Spain; Hong Kong; Japan and Korea, and 80% of theassets are invested in the European Union. Quille said: "The strongliquidity in these markets and market cycle characteristics lead usto view Europe as offering better risk adjusted returns than mostAsian markets at this stage in the cycle. However, we see thewindow of opportunity closing fast in Europe with large amounts ofcapital seeking investments and, going forward, Asia is likely tooffer more opportunities in the coming years."