Citi sees share price upside for Australia's Lendlease on further asset sales

Stockland

11/11/2024 20:33

** Citi says Lendlease Group  LLC.AX  shares can expect
near-term price upside on potential announcement of further
asset sales and/or development projects
    ** The Aussie real estate firm said on Monday the Foreign
Investment Review Board had provided approval for the sale of
its 12 community development projects to Stockland Corp  SGP.AX 
    ** Citi says the sale confirms A$1.9 bln ($1.25 bln)of asset
sales out of co's A$5.5 bln disposal program announced in late
May 
    ** Further asset sales are required to execute its A$500 mln
buyback program, says Citi
    ** LLC down 9.9% as of last close, lagging behind a 16.9%
gain on the ASX Real Estate index  .AXRE 

($1 = 1.5223 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))