Lendlease sells 12 Australian Communities projects for $870 mln to Stockland Corp (updated)

Stockland

17/12/2023 22:14

(Adds details from paragraph 2 onwards)
       Dec 18 (Reuters) - Developer Lendlease Group  LLC.AX 
said on Monday it has entered into an agreement for the sale of
12 Australian master-planned Communities projects to Stockland
Corporation  SGP.AX  and its capital partner, Supalai Australia,
for A$1.3 billion ($870.22 million)
    The sale is expected to realise a premium of about 20% to
book value and contribute A$130 to A$160 million to fiscal 2024
core operating profit after tax.
    Four projects with a fiscal 2023 book value of A$0.2 billion
are nearing completion or expected to achieve greater future
value through additional development activities and will remain
with the company, it said.  
    The transaction is subject to conditions precedent including
third-party consents, planning approvals and Foreign Investment
Review Board approval, the company said. 
    
($1 = 1.4939 Australian dollars)

 (Reporting by Echha Jain in Bengaluru; Editing by Sandra Maler)
 ((Echha.Jain@thomsonreuters.com;))