Macquarie reviews the prospectus for the company’s proposed Singaporean REIT, which is expected to diversify funding options. Macquarie would expect Lendlease to vend in stakes from assets in the urban regeneration pipeline as they are developed.
The earnings implications are limited and the broker assesses further upside for Lendlease lies with a successful sale of the engineering & services division. Outperform rating and $16.41 target maintained.
Sector: Real Estate.
Target price is $16.41.Current Price is $17.73. Difference: ($1.32) – (brackets indicate current price is over target). If LLC meets the Macquarie target it will return approximately -8% (excluding dividends, fees and charges – negative figures indicate an expected loss).
