This article is from the Australian Property Journal archive
PROPERTY Giant Lendlease has completed the sale of its life sciences interests in Asia in a 50-50 joint venture with Warburg Pincus.
The joint venture establishes a specialist real estate platform with a focus on the growing life sciences sector in the Asia Pacific region.
“The establishment of our new life sciences Joint Venture with Warburg Pincus, one of the world’s leading global investors, creates a highly attractive growth platform to complement our existing international investment capabilities and ambition,” said Tony Lombardo, group CEO at Lendlease.
Lendlease had previously announced yesterday that settlement of the $147 million sale of its Asia life sciences real estate interests into a joint venture with Warburg Pincus had been pushed back into the new financial year.
Lendlease seeded the Warburg Pincus joint venture with the transfer of its interests in LINO, including Leaf, which is a recently completed life sciences workplace in Japan.
The group expects the transaction will contribute around $80 million to its FY25 operating profit after tax.
“We have continued to make strong progress following our May strategy update, having announced $1.9 billion of transactions from our FY25 target of $2.8 billion,” added Lombardo.
“As we further simplify the Group and recycle capital, we remain focussed on strengthening our balance sheet, returning capital to securityholders and investing in our high return Australian operations.”
While in recent months, the company has faced criticism from a number key shareholders after a string of soft results and returns, and a downgrade to this year’s full-year result.
