NEW YORK CITY-Lend Lease Corporation Limited has completed the first stage of its previously announced sale of several of its US real estate debt businesses to GMAC Commercial Mortgage Corp. Lend Lease received an amount of $86.5 million in respect of the first stage closing. In addition, Lend Lease received approximately $49.2 million for outstanding servicing advances. Once the sale is complete, the total price for the businesses is expected to be approximately $106 million with GMAC assuming all outstanding servicing advance, which are approximately $50 million.

The businesses subject to the sale include CapMark Services, the Debt Advisory Group, which includes Program Lending, and the North American Asset Management (distressed debt) business. Lend Lease will retain co-investments of approximately $27 million which are expected to be realized over the course of the next five years.

When the announcement of the sale was made in May, Lend Lease Group CEO Greg Clarke noted that a review confirmed that these businesses “didn’t fit into the company’s strategy for the longer term.”

Last month, Lend Lease announced that Morgan Stanley will add $13 billion in property assets to its portfolio with the acquisition of most of Lend Lease Corp.’s US real estate investment groups. At the same time, Holliday Fenoglio Fowler LP completed an agreement for a $10 million management buy-out from the Australian-based Lend Lease.

Lend Lease now plans to concentrate on developing businesses including Asia Pacific, Bovis Lend Lease and Actus Lend Lease and focus on its core businesses, which include developing and investing in Australian properties.

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