Lendlease completes $235m sale of Capella Capital
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The news: Property and infrastructure group Lendlease has completed the $235 million sale of infrastructure financing business Capella Capital to Japanese conglomerate Sojitz Corporation.
The numbers: The sale price is represented on a 100% ownership basis, Lendlease had only a 70% interest in Capella.
Lendlease first announced the sale on 31 January and it is part of a broader $2.5 billion worth of capital recycling initiatives.
The context: Capella is now a consolidated subsidiary of Sojitz Corporation, giving it access to an infrastructure platform consisting of asset origination, asset management and principal equity investments.
Equity investments include the North East Link tolled highway development, Melbourne Metro Tunnels and Stations, Frankston Hospital and the Melton Hospital public private partnership.
About 80 employees were expected to be transferred when the deal was announced at the end of January.
What they said: “Completion of the Capella Capital divestment progresses our strategy to simplify the Group, as we look to become less complex, more focused and ultimately more profitable,” Lendlease Group chief executive Tony Lombardo said.
“The sale of Capella Capital accelerates the release of capital while also reducing the Group’s future funding commitments, allowing Lendlease to focus on its core Australian operations and international investments platform.”
The source: ASX
