Lendlease has sold a further 21% interest in its US Military Housing asset management business to Guggenheim Investments for A$126m (鈧�77m).
Guggenheim, on behalf of its client accounts, will have a 62% of interest in the US Military Housing asset.
Lendlease will retain 38% of the income stream that is generated from managing its Military Housing assets as well as its existing ownership of the development, property and construction management rights, in addition to about a A$200m equity interest in the portfolio.
The company said the sale was expected to contribute about A$75m to core operating profit after tax for the current financial year.
Lendlease鈥檚 global CEO and managing director, Tony Lombardo, said: 鈥淭his transaction demonstrates our ability to realise value from our portfolio for redeployment into higher growth opportunities, consistent with the execution of our strategy and ongoing capital management focus.鈥�
Lombardo said that, because of the US Military Housing transaction, the financial year 22/23 return on Lendlease invested capital for the investments segment was now expected to be towards the high end of the 6.0-7.5% range. Lendlease had previously guided towards the lower end of the range.
In the US, Lendlease鈥檚 Communities business is one of the nation鈥檚 leaders in public/private community development. Lendlease manages one of the largest military housing portfolios in the US and is the Army鈥檚 exclusive partner for lodging.
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