Australia's LendLease hits 7-month high on completing US construction ops sale

Lendlease

16/09/2024 05:20

** Shares of LendLease  LLC.AX  rise as much as 2.6% to
A$7.195, their highest since Feb. 16
    ** Stock marks its biggest intraday gain since Sept. 5
    ** Property firm says completed sale of U.S. East Coast
construction operations to U.S. construction firm Consigli
Building Group 
    ** Co did not provide a value for the deal but had
previously estimated a consideration of A$30 mln ($20.18 mln) -
A$50 mln 
    ** Says sale in line co's strategy to lower its risk profile
    ** Says co is in the process of selling its UK construction
business
    ** YTD, stock has fallen 4.1%, compared to 7.1% rise in the
broader ASX 200 benchmark  .AXJO 


($1 = 1.4870 Australian dollars)

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))