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QUEENSLAND, AUSTRALIA-Lend Lease Development Pty Ltd is acquiring the Twin Waters Resort on Queensland’s Sunshine Coast from the Victorian Government’s Tricontinental Corporation Limited. The prearranged sale, expected to close in November, includes the resort land and buildings, an 18-hole championship golf course and the resort operating business.

The acquisition is the final step of an agreement Lend Lease signed in 1996 for Tricontinental’s staged exit from its investment in the Twin Waters Resort and surrounding land assets. Lend Lease previously acquired the adjacent Twin Waters and North Shore residential developments, which are valued at $270 million.

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