speculation has resurfaced that lend lease is

Good volume today I guess if nothing else this speculation is keeping the price up in an otherwise down market of late.
UBS aren't mugs my guess they know what the end game is and are well postioned now with there buying of late.

It was interesting that CNP game out and declared no divi but nothing from CER as someone else pointed out they normally always go together in these things so I guess we wait & see if will get something for our patience.

Cheers
Hotlegs

SPECULATION has resurfaced that Lend Lease is pursuing Centro Properties Group's shopping centre portfolio.
London's Financial Times yesterday reported a consortium led by the Australian property group made a $4.96 billion indicative cash offer for Centro's Australian assets earlier this year.

The FT, which cited unnamed sources, reported the latest bid had the backing of the Government of Singapore Investment Corporation and Canada Pension Plan Investment Board and had been lodged in February.

It said the offer was addressed to Paul Cooper, Centro Properties chairman; Peter Day, chairman of Centro Retail Trust; and Robert Tsenin, chief executive of Centro Retail Trust.

The $4.96bn offer comprised $4.46bn for Centro's properties and management rights, a 3 per cent premium to June 30 book value, plus a further $320 million for Centro's stakes in two funds.

Centro yesterday played down the report. "We will not be drawn on speculative, unattributed comments which at best present only half the story and even then are based on near-12-month-old numbers," a spokeswoman said.

A Lend Lease spokeswoman said: "Centro Properties Group announced a process. As far as Lend Lease is aware, the only outcome of that process is what they announced on March 1."

Centro sold its US business in March to the Blackstone Group for $US9.4bn and announced the recapitalisation of its Australian business.

Lend Lease chief executive Steve McCann told investors last week the company put in an offer for Centro assets in February 2008. "Things evolved over time and our consortium of investors changed, but our interest never did and still hasn't," Mr McCann said.

However, he said Lend Lease was unaware of any other process and "I struggle to see how we can be involved in a process we are unaware of".

In December, The Australian reported Lend Lease made a $17bn bid for Centro's US and Australian shopping centres in partnership with US private equity firms NRDC Equity Partners and AREA Property Partners. Last month, The Australian flagged Lend Lease's interest in acquiring Centro's Australian portfolio.

Centro said it was still working on the restructure and recapitalisation of its Australian shopping centre portfolio.

Investment banks are believed to be finalising documentation for the merger of Centro Properties Group and listed sister fund Centro Retail Trust. A successful merger would create Australia's third-largest listed retail property trust.

It is understood the product disclosure statement and prospectus for the merger and recapitalisation would be ready by late August or September.

Centro Group owns or manages 103 shopping centres in Australia, valued at $7.2bn at December 31 last year. Its assets include three shopping centres: Centro Galleria in Perth, Centro The Glen in Melbourne and Centro Colonnades in Adelaide.

Industry sources said if Lend Lease were to make a cash bid at net tangible assets, the hedge funds holding Centro's debt were likely to accept rather than take a risk on the merger of the two Centro trusts.

Meanwhile, Lend Lease announced yesterday it had secured a $975m syndicated loan facility to mature between 2014 and 2016. Lend Lease securities closed 5c lower at $8.73.