Media Releases

21-12-2007

Reed Secures 40% Lehman Partnership

Queensland’s Reed Property Group (RPG) has taken a significant step towards an accelerated growth path by selling a 40% stake in the company to global investment bank, Lehman Brothers.

Established in 1987, RPG manages a development pipeline exceeding $1.5 billion and has more than $250 million in funds under management spread across a number of asset classes.

Lehman Brothers was established in 1850 and employs 27,000 people around the globe. They operate in twenty different countries and have a current global market capitalisation of $32.2 billion.

Managing Director of RPG, Mr Ken Reed said the group was proud to partner with Lehman Brothers in their first foray into an Australian integrated property development and funds management business.

“RPG has experienced a consistently high rate of growth, particularly over the last six years. The addition of Lehman Brothers as a shareholder to the organisation will enable us to draw on 150 years of experience and the financial strength of a leading global investment bank – securing the future sustainability of our company,” Mr Reed said.

Lehman Brothers Global Real Estate Group Managing Director, Mr Richard Ash said it was important for Lehman Brothers to seek out a well established company in Queensland that offered solid business acumen and agility.

“Reed Property Group has the capabilities to comfortably handle both large scale and boutique property projects and offers an expanding funds management platform - a combination which is unique in the current commercial environment,” Mr Ash said.

About Lehman Brothers
Lehman Brothers, an innovator in global finance, serves the financial needs of corporations, governments and municipalities, institutional clients, and high net worth individuals worldwide.

Lehman Brothers maintains leadership positions in equity and fixed income sales, trading and research, investment banking, private investment management, asset management and private equity. The Firm is headquartered in New York, with regional headquarters in London and Tokyo, and operations in a network of offices around the world including Sydney. For more information, log onto www.lehman.com

About Reed Property Group
Reed Property Group is a diversified property group specialising in development, construction and funds management. This year, the company was ranked as one of Queensland’s Top 20 privately owned businesses.

Visionary without losing sight of traditional values, Reed Property Group is structured to inspire confidence and success across its three core operations of Development, Construction and Funds Management.

Ends.

More information:
Rebecca Ind
Communications Manager
Ph: 5479 4444