Lendlease to sell 12 communities projects to Stockland, Supalai for $870m

Lendlease has entered into an agreement for the sale of 12 Australian master-planned Communities projects to Stockland Corporation Limited and its capital partner, Supalai Australia Holdings, for A$1.3 billion ($870 million).

Four projects will remain with Lendlease that are nearing completion or are expected to achieve greater future value through additional development activities.

The transaction represents a significant milestone for Lendlease as it reweights capital to investments, reduces gearing and realizes the value created in these projects.

“The A$1.3 billion sale of 12 master-planned communities provides Lendlease an opportunity to crystalize the value we have created in these projects,” said Tony Lombardo, Lendlease global CEO “We remain focused on recycling capital to accelerate our investments-led strategy and to maintain balance sheet flexibility to pursue future opportunities.”