Freehills has advised Lend Lease and one of its managed funds, the Asian Retail Investment Fund (ARIF), on the successful bid to acquire Singapore's Jurong Gateway Road site for S$748 million ($618 million).
Lead partner Justin O'Farrell, who worked with Freehills' Simon Taskunas in Singapore, said of the deal: "ARIF is an interesting structure, set up offshore as both a development and a hold fund. We assisted Lend Lease in ARIF's establishment in 2006 and this latest investment sees it fully invested, with assets likely to be in the region of $S2 billion."
The Jurong Gateway site will comprise a regional suburban shopping centre as well as a commercial office tower, which will be developed in the coming years.
According to Freehills, the successful Jurong bid reflects Lend Lease's continuing growth in Asia.
"The Singapore retail market has continued to perform well despite the global economic conditions," Taskunas said.
The successful bid adds to Lend Lease's portfolio which already includes Barangaroo, the ING retail platform, and the establishment of Lend Lease Real Estate Partners 3.