The letter also said the board - comprising four independent directors - were conscious of investor concerns about the added level of risk Lend Lease's construction arm would bring to the trust if the merger proceeded. Lend Lease is currently the external manager of GPT and it has proposed internalising that management through a merger. In the letter, the GPT's independent directors said they had undertaken an "extensive evaluation process" which included information about Lend Lease's business and the outlook for each.