Lendlease will sell its US military housing business to an entitymanaged by Guggenheim Partners Investment Management for $480 million. “The sale represents a significant premium to book value and includes the operating platform of the business along with the associated management rights for asset, property, development and construction management,” the ASX-listed construction company said in an ASX announcement.
“Implementation of our strategy is progressing well, with cost savings being realised across the regions as we today move to a simplified management structure,” chief executive Tony Lombardo said. “Our priorities remain strengthening our balance sheet, returning capital to security holders and investing in our high-return Australian operations, while continuing to build on our Australian development pipeline to support future earnings growth.