Australia's LendLease extends gains after UK deal with The Crown Estate

Lendlease

19/05/2025 04:11

Updates share moves, adds Citi comment

** Real estate firm LendLease LLC.AX rises 1.2% to A$5.6

** Stock among top 10 biggest pct gainers on local benchmark .AXJO

** Co enters joint venture with The Crown Estate - the property manager of the British monarch - to sell six of its UK development projects

** Shares added over 2% on Friday after co said negotiations for the JV were in late stages

** We upgraded to "buy" last week following the announcement of the potential sale of the UK development portfolio - Citi ('Buy', PT A$7.5)

** Citi says LLC has flagged progress towards a buyback, which may be highly likely with further asset sales

** Co will accelerate release of more than A$300 mln ($192.4 mln) of capital from its international development book

** YTD, LLC falls 10.4%

($1 = A$1.5596)

 (Reporting by Nichiket Sunil in Bengaluru)

 ((Nichiket.Sunil@thomsonreuters.com;))