Boston Financial Acquisition Completed.

NEW YORK--(BUSINESS WIRE)--Nov. 3, 1999--

Lend Lease Real Estate Investments, Inc., the U.S. subsidiary of Lend Lease Corporation (ASX: LLC) and a leading U.S. institutional real estate advisor, today completed its previously announced acquisition of Boston Financial Group, Limited Partnership for $138 million with additional contingent payments of up to $31 million over the next three year period.

Boston Financial's operations--including multifamily portfolio management, asset management, capital markets, development, low income housing tax-credit financing, residential property management, senior housing and property management--have been consolidated into Lend Lease Real Estate Investments.

Lend Lease Real Estate Investments has $30.5 billion in real estate and commercial mortgages under management for more than 500 institutional and private clients in the US. On a worldwide basis the Lend Lease Group operates on five continents with $37.4 billion in real estate under management and total funds under management and administration of $55.6 billion. In addition to real estate investments, the Lend Lease Group operates in the areas of property development, project management and construction, and capital services (infrastructure). Financial services activities include funds management, life insurance, and wealth protection. Lend Lease Corporation's market capitalization is $6 billion.