.
Lend Lease Group (ASX:LLC) expects its full year net profit to jump 45 per cent after selling its 30 per cent interest in the Bluewater Shopping Centre in the UK.
The property developer has divested the retail asset and its management rights for $1.2 billion and expects to gain a $480 million profit from the sale. Proceeds from the sale will be put to paying down debt and investing in a $38 billion global development pipeline.
As a result of the sale Lend Lease has forecast a net profit after tax of between $810 million and $830 million in the 2014 financial year.
The forecast also includes a number of other adjustments such as a higher expected tax rate and certain transactional profits not expected to occur this financial year.
Lend Lease Group reported a net profit of almost $252 million in the first half of the 2014 financial year.
(20min delay)