International property and infrastructure company Lendlease Group (ASX: LLC) has teamed up with Starwood Capital to acquire the $6.3 billion Silvertown Partnership development in London, according to The Australian.
The article explains the pair are jointly acquiring the massive site from existing shareholders First Base via a managed fund of Chelsfield Properties and Macquarie Capital on a 50% co-investment basis.
But investors are lukewarm to the news if today's share price is anything to go by, with Lendlease shares down 0.2% to $19.07 at the time of writing after four months of successful share price rises after a February low.
UBS this month downgraded its rating on Lendlease peer Stockland Corporation Ltd (ASX: SGP) to sell from neutral after also downgrading apartment builder Mirvac Group (ASX: MGR) in February.
