Lend Lease sells Bluewater stake
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Lend Lease has sold its interest in the UK's Bluewater Shopping Centre in a transaction expected to boost the property group's full-year profit.
Lend Lease has offloaded its interest in Bluewater to Land Securities Group for £656 million, and its management rights and sundry land interests for £40 million.
The combined pre-tax value of the transaction is £696 million ($A1.22 billion), but the expected profit on the sale is expected to be around $480m, after transaction costs, associated costs and tax.
The group will use the cash proceeds of the sale to pay down debt and support investment in its significant $38 billion global development pipeline.
The property group now expects to deliver full-year net profit after tax in a range between $810 million and $830 million.
Lend Lease said it had factored in a number of adjustments in addition to the sale when updating its full-year guidance, including a higher expected tax rate of 16-19 per cent and certain transactional profits associated with its development business and investments that are now no longer expected to occur in fiscal 2014.
"Lend Lease also intends to restructure and potentially exit three communities projects in Australia (A$40 million post tax)," the group said.
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