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Crosby bought

FINANCE

AUSTRALIAN developer Lend Lease has bought Crosby Homes for £261 million to use the firm's 4,500-plot landbank to break into urban regeneration.

Lend Lease believes Crosby's management expertise will give it the cutting edge in bidding for mixed-use projects with a large residential element.

Five managers at Crosby will share £10 million from selling shares in the business, which they bought for just £500,000 less than two years ago from the Berkeley Group.

They could also collect up to £15 million more if performance targets are met.