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Highlights
- Lendlease Group has announced that Aware Super has purchased another 24.9% interest in the Lendlease Retirement Living Trust for AU$490 million.
- With this purchase, the overall holding of the superannuation fund Aware Super will now come to 49.9%.
- Today, the share price of Lendlease Group was spotted trading 0.632% higher at AU$11.140 per share on ASX at 1:00 PM AEDT.
Today, the share price of Lendlease Group (ASX:LLC) traded a tad higher after the company informed that Aware Super has purchased another 24.9% interest in the Lendlease Retirement Living Trust, thus bringing its overall ownership to 49.9%. The acquisition involves consideration of AU$490 million.
Aware Super, which is considered one of Australia's largest superannuation funds, had earlier purchased an initial 25% interest in March 2021.
The share price of Lendlease Group was spotted trading 0.632% higher at AU$11.140 per share on ASX at 1:00 PM AEDT. Lendlease shares have declined 13.82% over the last 12 months, while the stock is up 2.34% year-to-date (YTD).
Lendlease Group is an ASX-listed real estate group involved in retail property management and asset management & development.
As per today's announcement, Aware Super will own 49.9% interest in the Lendlease Retirement Living Trust after the acquisition agreement is completed, while Lendlease will hold a 25.1% interest, and the Dutch pension asset manager, APG Asset Management, will own 25% interest. Lendlease Retirement Living is Australia's leading owners, operators and developers of retirement villages with over 30 years of experience in this sector. Its portfolio consists of 75 retirement villages, home to roughly 17,000 residents across Australia.
Image Source: © Alexmillos| Megapixl.com
The additional 24.9% acquisition announced today includes ownership of the retirement village portfolio, its associated operating platform, along with its development capabilities and retirement living development pipeline.
The company has informed that the retirement living business will continue to trade under the Lendlease Retirement Living brand.
Commenting on this development, Lendlease Global CEO Tony Lombardo said that the Group had flagged its intent earlier, aiming to reduce further the company's ownership of Retirement Living. According to the company, this aligns with its strategy to reallocate capital to deliver Lendlease's AU$112 billion development pipeline and grow its investments platform.
It is to be noted that the real estate firm had reported a loss of AU$264 million in its half-yearly report, released last month. The company had also slashed its interim dividend by 67%, from 15cps to 5 cps. LLC's Core Operating EPS also saw a decline of 86% at 4.1 cents in HY22 compared to 29.8 cents in HY21.
