Lendlease Sells 12 Master-Planned Communities to Stockland
Australian Developer Reaps 20% Premium, $130 Million
Transaction Bolsters Stockland's Presence in Land Lease Communities
Lendlease, the ASX-listed developer, has announced the sale of 12 master-planned communities to Stockland for just over $1 billion. The deal, which is expected to close in the first half of 2023, marks a significant investment by Stockland in the land lease communities sector.
Lendlease expects to realize a 20% premium to book value pre-tax from the sale, resulting in a $130 million contribution to its bottom line. The transaction is a strategic move for both companies, with Lendlease focusing on its core businesses and Stockland expanding its presence in the growing land lease communities market.
The Lendlease share price has surged on the news, outpacing the broader ASX 200 index. Analysts attribute the positive market reaction to the strong execution of the deal and the underlying strength of the land lease communities sector. Stockland's acquisition of these communities is expected to further bolster its position as a leading provider of affordable housing solutions in Australia.
This transaction highlights the growing demand for land lease communities in Australia, as more individuals and families seek affordable and flexible housing options. It also underscores the continued strength of the property market, despite headwinds such as rising interest rates.
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