Leighton looks to sell Devine stake

Construction group seeks investors for 50.6% holding in residential property brand.

Leighton Holdings (LEI) is looking to sell its 50.6% interest in residential property group Devine, after saying this month it would consider divesting some businesses and strengthening its balance sheet.

The majority shareholder said it has commenced a confidential expression of interest process to seek potential investors for its stake.

The process is preliminary, with no assurances of a sale, Leighton said. 

Leighton earlier said it was looking at options for its services, property and John Holland divisions, such as sales or the introduction of new partners.

The construction giant has undergone several executive changes in recent months as Spanish-owned majority shareholder Hochtief looks to put its stamp on the company.