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Lend Lease Group (ASX:LLC) is poised to gain about $115 million through selling its down its stake in what is now the Parkway Parade Partnership fund from 21.1 per cent to 4.9 per cent.
The fund is based in Singapore and owns the major suburban shopping centre Parkway Parade. Lend Lease will continue to manage the fund and the property and says the sell down is in line with its strategy of portfolio optimisation.
CEO Steve McCann believes the successful extension and recapitalisation of the fund is a vote of confidence in Lend Lease’s investment and asset management business in Asia and the quality of the Parkway Parade asset.
Lend Lease Group reported a net profit of $219.4 million in the first half of its 2012 financial year.
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Last
$5.44 |
Change
-0.010(0.18%) |
Mkt cap ! $3.754B | |||
| Open | High | Low | Value | Volume |
| $5.45 | $5.47 | $5.44 | $5.763M | 1.053M |
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| LLC (ASX) Chart |