Lend Lease Group
(ASX:LLC) has launched Lend Lease Jem Partners Fund to acquire the group's stake in Jem, a suburban retail and office asset in Singapore.
Lend Lease says its 25 per cent equity interest has been sold to the fund for $189 million.
The company is the investment manager of the new fund and will remain as the property manager of Jem, but will not be a co-investor in the new fund.
Lend lease says the sale of a direct stake in Jem will lead to another strong result for its Asian operations in the current financial year.
Seperately, the property group has announced a restructure of its Australian construction and engineering businesses, and says associated costs will be booked in the current full year.
Lend Lease Group reported a net profit of $302.8 million in the first half of the current financial year.
