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Lend Lease Group (ASX:LLC) has inked a deal to sell its 50 per cent stake in the $US1.25 billion King of Prussia shopping mall in the US to the Morgan Stanley Prime Property Fund.
The property developer is poised to receive proceeds of around $US545 million from selling its interest and to book a profit of $US100 million net of tax and other costs.
The company expects to use the proceeds to repay debt and fund investments in the US.
After acquiring its stake in 1996, Lend Lease expects the divestment to be finalised by August this year.
CEO and Managing Director Steve McCann says the price achieved for the sale of the King of Prussia Mall is an excellent result for the group.
In the first six months of the 2011 financial year Lend Lease recorded a net profit of $227 million.
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Last
$5.44 |
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Mkt cap ! $3.754B | |||
| Open | High | Low | Value | Volume |
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