Lend Lease Real Estateof Atlanta and Trieste, Italy-based Assicurazioni Generali (Generali) have joined forces to form GLL Real Estate Partners. This joint venture was formed to build a European property investment and management company for European investors.
Lend Lease, an affiliate of Sydney, Australia-based Lend Lease Corp., and Generali will each own 40% of the new venture, with the remaining 20% owned by members of the GLL management team. Based in Munich, Germany, GLL plans to raise funds from European institutions for commingled investments in real estate. The company plans to beginin 2001.
The GLL management team will be led by managing directors Gerd Kremer, Rainer Gobel and Dietmar Georg. The board and investment committee will include members from both Generali and Lend Lease.