Media Release: Welcomes Delfin Shareholders` Thumbs Up

Document date:  Mon 30 July 2001
Published:  Mon 30 July 2001 14:56:20
Document No:  239848
Document part:  A
Market Flag:  N
Classification: 

LEND LEASE CORPORATION LIMITED                2001-07-30  ASX-SIGNAL-G

HOMEX - Sydney                                                        

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David Ross, Lend Lease CEO Asia Pacific, welcomed the vote by Delfin
Limited shareholders to approve the Scheme of Arrangement through
which Lend Lease proposes to acquire 100 per cent of Delfin shares.

As required by the Corporations Law, Delfin will now present its
shareholder approved Scheme of Arrangement to the Federal Court for
final ratification. This is expected to occur tomorrow, Tuesday 
31 July. Cheques to shareholders will be drawn on or about 10 August. 

On completion of the acquisition, the combined group will be the
largest urban community developer in Australia, with a current
workload of 55,000 lots in the major growth corridors along the
Eastern seaboard and presence in key projects in NT and SA.

Lend Lease Development Chief Executive Officer, Mr Des Marks, said
the unanimous support of the Delfin Board and a significant majority
of Delfin shareholders reflected the strength of the acquisition for
all stakeholders.

"For Lend Lease shareholders this is clearly a significant
opportunity to leverage the Lend Lease and Delfin project portfolios,
build on the strength of the Delfin brand and increase our capacity
for additional expansion. The acquisition will be earnings accretive
for Lend Lease from Day 1", Mr Marks said.

"The two businesses are clearly complementary in terms of both the
geographic spread of projects and strategic fit, and we look forward
to welcoming the Delfin team to Lend Lease", he said.

Within Delfin there is a significant talent pool which will add to
our urban community master plan development and project management
expertise.

"I am delighted that Delfin CEO, Chris Banks, will play a major role
in the combined operations", Mr Marks said.

The total consideration payable by Lend Lease is approximately $172
million, which will be funded from cash reserves. The acquisition has
been granted clearance by ACCC and FIRB, and all other conditions
attaching to the Scheme of Arrangement have been met.

For further information: 

John Frey Des
Cosway Australia
0411 361 361

Des Marks
Lend Lease Development
02 9236 6231

Simon Basheer
Lend Lease Development
0411 468 741