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Article: Lend Lease peps up on Morgan Stanley talks.
- Article from:
- The Evening Standard (London, England)
- Article date:
- March 25, 2003
- Author:
CopyrightCOPYRIGHT 2003 Solo Syndication Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JAKE LLOYD-SMITH
THE bears ran wild in Asian trade today amid fears that waves of economic disruption could emanate from Iraq. But Lend Lease, Australia's leading property developer, bucked the trend with news that it is in talks to set up a US real-estate joint venture with Morgan Stanley.
In Sydney shares in the group - which have shed two-thirds of their value in the past three years - pepped up 30 cents, or 3.2%, to A$9.08 in a weaker market.
Although Lend Lease executives kept a low profile today, analysts told reporters the venture - if finalised - could boost growth by restoring the health of Lend Lease's US operations.
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