Lend Lease lowered its offer today to Babcock & Brown for its 12.5% stake in retirement village operator Babcock & Brown Communities after due diligence and talks with lenders.

Last month, Australia’s largest property developer said it would boost its stake in Babcock & Brown Communities from 7.2% and become its manager after the business was put up for sale after Babcock & Brown received approaches.

Lend Lease said today it will pay 29 cents a stapled security for Babcock & Brown’s stake of around 85 million securities, or $24.7 million, down from an originally agreed 58c, or $49.3 million.

The Australian