Lend Lease Group (ASX:LLC) says it will make $24 million from the sale of its 25 per cent interest in the PoMo mixed-use asset in Singapore.
The property group says it has exchanged around $178 million worth of contracts for the asset, and will realise $24 million proceeds net of debt repayments.
Lend Lease purchased PoMo in 2007 and says the divestment takes advantage of the strong market for retail and office assets in Singapore.
Last week Lend Lease announced that it had completed the $960 million acquisition of Valemus, and would retire the name immediately as it starts a 90-day integration process.
In the first six months of the 2011 financial year Lend Lease generated a net profit of $227 million.
