Lend Lease bumps up BBC stake

The property development company has increased its stake in Babcock & Brown as it looks to increase its share of the retirement village market.

International property developer, Lend Lease has increased its stake in Babcock & Brown Communities (BBC) after it purchased a 6.18 per cent share in the company in late June.

This week’s deal saw Lend Lease purchase over 7 million BBC shares after the price dropped to 43 cents.

BBC merged with Primelife in May last year and is now estimated to be Australia’s second-biggest retirement operator.

Lend Lease took an interest in BBC after FKP rejected its $1.33 billion takeover bid last month.

It is believed that the company is hoping to build on its 3 per cent share of the Australian retirement village industry.

But The Australian reported that a full takeover of BBC may prove to be too expensive and complicated for Lend Lease.

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