Lend Lease Group (ASX:LLC) has struck a deal with one of Japan's largest house builders for a number of its master planned community projects and apartment developments in Australia.
Sekisui House Australia Holdings Pty Ltd will gain a 50 per cent interest in Lend Lease's 144 apartment development Serrata at Victoria Harbor in Melbourne, while Lend Lease will retain the remaining 50 per cent interest.
Under the agreement, Sekisui will also buy a land interest at Hyatt Coolum on the Sunshine Coast, where it plans to build up to 450 new homes, as well as purchasing a 50 per cent interest in the adjoining Hyatt Coolum resort.
Lend Lease advises that it will provide development management services to Sekisui, and investigate the potential to work along Sekisui in an additional two residential land projects.
Lend Lease Group reported a profit of $348 million for the full year to 30 June 2010.
LLC Price at posting:
$7.52 Sentiment: None Disclosure: Held
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