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Lehman June 24

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    Big Top Shopping Centre

  1. LaSalle in $85M Deal for Former Lehman Brothers Big Top

    Jun 24, 2015 | Financial Review

    By Matthew Cranston

    ... Kahlbetzers are selling the Big Top Shopping Centre in Maroochydore, Queensland, for about $85 million to global giant LaSalle Investment Management. The shopping centre has had a long and controversial history given it was part-owned by the failed US investment bank Lehman Brothers in a joint venture with the family-owned Reed...

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    Client Attorney Privileged/Attorney Work Product/At Request of Counsel

    Big Top Shopping Centre

  1. LaSalle in $85M Deal for Former Lehman Brothers Big Top

    Jun 24, 2015 | Financial Review

    By Matthew Cranston

    Reed Property Group and BRW rich lister family the Kahlbetzers are selling the Big Top Shopping Centre in Maroochydore, Queensland, for about $85 million to global giant LaSalle Investment Management. 

    The shopping centre has had a long and controversial history given it was part-owned by the failed US investment bank Lehman Brothers in a joint venture with the family-owned Reed Property Group.The 4478 square metre centre, anchored by a Woolworths supermarket, has just undergone a major redevelopment that combines a farmers' market with retail stores.

    ...Reed bought the Big Top for more than $20 million in 2008. It submitted redevelopment plans to the council in December 2008 for a mixed-use project that was to include two commercial buildings and five residential towers. 

    In 2009, a year after Lehman Brothers collapsed, Reed Property was forced to take the asset to market but it did not sell the property. 

    Then the failed Bank of Scotland International, which lent up to $45 million in debt to that property joint venture also wound up its Australian lending book, selling the debt in Big Top to Morgan Stanley for $19 million. Morgan Stanley immediately onsold it to Reed Property Group founder Ken Reed and the Kahlbetzer family's Twynam Group.

    Both the Kahlbetzer family and investment manager LaSalle were unavailable for comment on the pending transaction...

    For full story:

    http://www.afr.com/real-estate/lasalle-in-85m-deal-for-former-lehman-brothers-big-top-20150623-ghv5s8 

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