Lend Lease today announced that it has reached
financial close on Group B of the US Department of the Army's
Privatisation of Army Lodging (PAL) program and secured
US$275 million (circa A$265 million) in project debt.
Lend Lease is the developer for the PAL program, part
of the US Army's initiative to privatise hotel facilities on
Army installations nationwide.
Lend Lease Group Chief Executive Officer and Managing
Director, Mr Steve McCann, said the collaboration with the US
Army demonstrates Lend Lease's long-term commitment to
privatised partnerships like PAL.
"Implementing this phase of the PAL program allows Lend
Lease to continue leading the efforts in what is the US
military's only lodging privatisation program."
Lend Lease is a market leader in the US military
housing privatisation sector. With more than 40,000 homes,
8,200 hotel rooms and 192 apartments, Lend Lease has created
master-planned, mixed-use communities throughout the United
For further information, please contact:
Group Executive - Investor Relations
Tel: 02 9236 6464
Group Media & External Communications Manager
Tel: 02 9237 5034