Lendlease shares rise on JV with The Crown Estate
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More news: Lendlease shares rose in early trading following the announcement of a joint venture with The Crown Estate.
Shares were up 1.63% to $5.62 at 10:14am AEST. Over the past 12 months they have dropped 8.09%.
Lendlease has sold six UK development assets into the 50/50 JV which will see the property company release more than $300 million of capital from its longer-dated international development.
Lendlease announces JV with The Crown Estate
The news: Lendlease has sold six UK development assets into a 50/50 joint venture with The Crown Estate — the property manager of the British monarch.
The numbers: The transaction will see Lendlease release more than $300 million of capital from its longer-dated international development and will halve its future funding commitments to around $125 million.
The developments include Euston Station, Silvertown, Birmingham Smithfield, High Road West and Thamesmead Waterfront.
The Crown Estate has more than $30 billion of core land and asset holdings across the UK.
Lendlease also announced the commencement of a $1.2 billion investment mandate in Australia on behalf of the National Pension Service to manage Aurora Place.
The context: The JV with The Crown Estate is part of Lendlease’s FY25 $2.8 billion capital recycling program.
The source: ASX
