(MENAFN) Australia's Lend Lease's group CEO, Steven McCann, announced that the company has secured a USD2.04 billion loan to finance the building of two commercial towers at its waterfront Barangaroo South project, reported Reuters.
McCann said that the Canada Pension Plan Investment Board (CPPIB) has committed USD1.02 billion to the project.
The CPPIB's property portfolio totaled USD17.4 billion, of which around USD1.66 billion was invested in Australia.
He said that Lend Lease will also invest around USD510.48 million in the first two towers, with the property developer's commitment being funded through existing group cash, capital recycling and debt facilities.
It is worth noting that the Lend Lease managed Australian Prime Property Fund Commercial (APPF Commercial) and two APPF Commercial investors have committed a combined USD510.48 million to the towers project.
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