Australia's LendLease rises on prospects of deal with Crown Estate

Lendlease

15/05/2025 03:47

** Shares of LendLease Group LLC.AX rise 2.6% to A$5.62, their highest levels since April 10

** Stock among the top gainers in the benchmark ASX200 index .AXJO

** The property manager says it's negotiating a 50/50 JV with King Charles's The Crown Estate for six UK development projects

** JV is for releasing longer-dated capital and generating future fee income

** If concluded, LLC will earn fees as master developer for the JV, with costs for master planning expected to be self-funded through portfolio land sales - Co

** The matter was reported by local media earlier in the day

** LendLease stock down 10.5%, YTD

 (Reporting by Kumar Tanishk in Bengaluru)

 ((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk;))