Australia’s Lend Lease May Buy ERE

SYDNEY, Australia — Australia’s Lend Lease Corp. said it is in talks to buy Equitable Real Estate Investment Management, the largest U.S. manager of pension fund real estate investments.

Lend Lease, an Australian property and financial services company, said the planned purchase is part of the company’s expansion strategy.

“Lend Lease is pursuing the establishment of a global real estate investment management operation,” the company said. “The acquisition of ERE would be consistent with this objective.”

Equitable Real Estate, a 12-year-old subsidiary of Equitable Cos., has $20 billion in assets under management. Lend Lease already operates the Yarmouth and Lend Lease Development Inc. property funds in the U.S.

The firm has as much as $10 billion in property management portfolios in the U.S., Europe and Asia in addition to $6 billion in Australia.