The $147 million sale of a stake in its life sciences business comes amid activist investor demands for the property giant to pull back from overseas markets.
Property giant Lendlease has sold a half stake in its Asia Pacific life sciences platform to private equity player Warburg Pincus, in a $147 million deal it says reflects its commitment to overhauling its beleaguered business.Eamon Gallagher“This is another example of how we’re realising value from our existing operations, while further simplifying Lendlease to create a more focused company for security holders,” Mr Lombardo said on Friday.
“We expect the business to exit the US – the question is whether Lendlease sees compelling reason to remain in Europe and Asia,” Mr Brayshaw says in a note to clients this week.That business has completed more than 100 projects for around 30 clients, including the biotech facilities at the Singapore’s new 82-hectare Tuas Biomedical Park.
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