Australia's Lendlease to sell remaining Keyton stake for $361 million
Australia's Lendlease to sell remaining Keyton stake for $361 million June 25 (Reuters) - Australian property firm Lendlease LLC.AX said on Thursday it would sell its remaining 25.1% stake in the Keyton Retirement Living Trust to co-investor Aware Super for A$525 million ($361.62 million).
Here are some details:
The divestment marks further progress in Lendlease's capital recycling programme, which has accelerated since a strategic reset in May 2024 to streamline operations and free up capital.
Net proceeds will be used to reduce group debt, the firm said.
Shares of Lendlease were up 5.2% at A$3.06, heading for their best session since June 11 if current gains held.
The Keyton Retirement Living Trust is one of Australia's leading retirement living platforms.
Including the Keyton sale, the company said it has completed about A$3.4 billion of capital recycling initiatives.
The transaction is in line with Lendlease's first-half 2026 book value.
It is subject to customary conditions, including regulatory approvals, with completion targeted in the first half of 2027.
($1 = 1.4518 Australian dollars)
(Reporting by Roshan Thomas in Bengaluru; Editing by Subhranshu Sahu)
((Roshan.Thomas@thomsonreuters.com;))
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