Lend Lease Group (ASX:LLC) has made a bid for Centro Properties Group’s (ASX:CNP) Australian assets, according to the Financial Times.
The offer of almost $5 billion was reportedly made in February, but Centro has yet to disclose the bid. The offer is said to have the backing of the Government of Singapore Investment Corporation and Canada Pension Plan. It will be subject to four weeks of due diligence.
The deal would threaten the proposed merger of Centro with Centro Retail Trust Ltd, part of a complex effort to recover from significant debt incurred in 2008.
In the first six months of the 2011 financial year Lend Lease recorded a net profit of $227 million.
LLC Price at posting:
$8.78 Sentiment: None Disclosure: Held
