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Lendlease has sold a further 21 per cent interest in its US Military Housing asset management income stream to an existing partner for $126 million.Lendlease has now sold 62 per cent of its interest in its US Military Housing asset management income stream since FY22.
As a result of the US Military Housing transaction, Lendlease’s FY23 return on invested capital for its investments segment is now expected to be towards the high end of the 6.0-7.5 per cent range; Lendlease previously guided towards the lower end of the range. The company also said that challenging market conditions, including a slowing in transactions and delayed settlements across its Australian communities business, have affected development earnings.
Accordingly, the FY23 return on invested capital for its development segment is now expected to be in the range of 2.50-3.25 per cent, which is below the previously indicated range of 4.0-6.0 per cent.
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