Lendlease seals international exit, confirms $131m divestment
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The news: Real estate group Lendlease has completed the $70 million sale of its UK construction business to Atlas Holdings, sealing its exit from international construction operations.
Lendlease also announced that it has sold a 20% interest in London office asset 21 Moorfields to Japan's Sotetsu Urban Creates and Yasuda Real Estate for $131 million.
The numbers: Lendlease said it has retained a 5% interest in 21 Moorfields, in line with its portfolio co-investment target of 5% to 10%, and will remain as the investment and asset manager.
The context: The sale of Lendlease's UK construction business follows the sale of its US and Asian construction operations, and comes 10 months after the group unveiled its strategy to refocus on growing its Australian operations and international investment management platform.
What they said: "The exit of international construction builds on our progress to simplify Lendlease as we look to lower our risk profile and increase securityholder returns," said Lendlease CEO Tony Lombardo.
"The introduction of two new global capital partners, in Sotetsu and Yasuda, speaks to the quality and strength of Lendlease's investment management platform and the opportunities we create for our investors."
The source: ASX
