Lendlease Swaps Old People’s Homes for Shiny New Telecom Towers. FVE Increased to AUD 15.20
Lendlease Group has made a series of announcements: selling 25% of its Australian retirement business; establishing a joint venture with SoftBank to develop U.S. telecom infrastructure; and advising of weaker margins in Australian construction for the six months to December 2017. Overall, we view the news as mildly positive, with the capital release from low yielding retirement living redeployed to its latest interest, U.S. telecom infrastructure. Earnings revisions from these transactions incre...LendLease operates a regional management structure in Australia, Asia, Europe and the Americas. Co.'s segments include: Development, which is involved in the development of communities, inner-city mixed-use developments, apartments, retirement, retail, commercial assets and social and economic infrastructure; Construction, which provides project management, design, and construction services, predominantly in the infrastructure, defence, mixed-use, commercial, and residential sectors; and Investments, which includes a wholesale investment management platform and also includes Co.'s ownership interests in property and infrastructure Co-Investments, Retirement Living and U.S. Military Housing.
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