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SYDNEY-Lend Lease Corp. Ltd. said Friday it has closed on its A$165-million (USD$113-million) acquisition of ComLand Ltd. From the Commonwealth Government. ComLand owns two major master-planned development sites, the Edgewater residential community in Melbourne and the former ADI site at St Marys in Sydney. Lend Lease has been ComLand’s joint venture partner and development manager for both of these projects, through Delfin Lend Lease. Edgewater is due for completion in late 2005 and the St. Marys development is set to commence later this year, with a project life of approximately 12 years. The St Marys project is the largest release of land in NSW for residential development in the past five years. The project will include an 850-hectare regional park and 5,000 new homes, as well as retail, commercial and entertainment facilities. The specifics of the commercial portion of the development were not immediately available.The ComLand acquisition was funded from Lend Lease’s surplus cash position. Both projects are located in key growth regions with demand expected to remain strong during the life of the projects, say Lend Lease officials, adding that the acquisition consolidates Delfin Lend Lease’s earnings base in the key land-constricted Sydney market and provides earnings strength for the 2005 financial year and further growth in the 2006 financial year.Last year, Lend Lease won for the A$1-billion Rouse Hill project in Sydney and also signed an agreement with the Hancock Group to develop a proposed master-planned community for 38,000 residents near Brisbane, formerly known as Celebration Township. Delfin Lend Lease has more than 20 projects within nine of Australia’s major population centers.

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