New label for B&B Communities

Following approval of the change at the company’s annual general meeting on December 30, 2008, the new name will also affect the Babcock & Brown Communities Trust, which from today will be known as the Lend Lease Primelife Trust.The company’s ASX ticker code will also change from BBC to LLP. The move will sever management ties with BBC’s troubled investment bank parent company Babcock & Brown, and see Lend Lease inject $195 million into BBC. Lend Lease has a 43.2% stake in BBC, and the change to LLP reflects Lend Lease’s recapitalisation plan, which was approved at the AGM.

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