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Australian property company Lendlease has agreed to sell its remaining 25.1% stake in Keyton Retirement Living Trust to co-investor Aware Super for AUD 525 million. The transaction forms part of the company's ongoing capital recycling programme launched after its strategic reset in 2024. Lendlease said the proceeds will be used to reduce group debt. Following the announcement, the company's shares rose more than 5% in trading. Including this transaction, Lendlease has completed around AUD 3.4 billion worth of capital recycling initiatives aimed at simplifying operations and strengthening its balance sheet.
Australian property firm Lendlease has announced the sale of its remaining 25.1% stake in Keyton Retirement Living Trust to co-investor Aware Super for AUD 525 million (USD 361.62 million).
The divestment is part of the company's ongoing capital recycling programme, which has gathered pace since a strategic reset undertaken in May 2024. The programme is focused on streamlining operations, unlocking capital from non-core assets and strengthening the group's financial position.
Lendlease said the net proceeds from the transaction will be used to reduce group debt.
The market reacted positively to the announcement, with Lendlease shares rising 5.2% to AUD 3.06 in trading. The gain put the stock on track for its strongest single-session performance since mid-June.
Keyton Retirement Living Trust is one of Australia's largest retirement living platforms and has been a significant component of Lendlease's retirement living portfolio for several years.
With the latest transaction, Lendlease said it has now completed approximately AUD 3.4 billion of capital recycling initiatives as it continues to reshape its business and improve capital efficiency.
The company added that the sale aligns with the carrying value of the investment recorded in its first-half 2026 book value, indicating no material discount to the asset's valuation.
The transaction remains subject to customary conditions, including regulatory approvals, and is expected to be completed during the first half of 2027.
Source Reuters
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