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LENDLEASE GROUP — Capital/Financing Update 2025
Jun 19, 2025
65243_rns_2025-06-19_64961c98-5e93-461d-a641-1c560e0e9f7e.pdf
Capital/Financing Update
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20 June 2025
Lendlease completes sale of Capella Capital
Lendlease today announced the completion of the sale of Capella Capital to Sojitz Corporation, following satisfaction of conditions precedent. Financial outcomes of the transaction remain consistent with Lendlease’s announcement on 31 January 2025.
The sale completes $235m of the previously announced or completed $2.5b of capital recycling initiatives (see Appendix for details).
Quotes attributable to Lendlease Group CEO Tony Lombardo: “Completion of the Capella Capital divestment progresses our strategy to simplify the Group, as we look to become less complex, more focused and ultimately more profitable.
“The sale of Capella Capital accelerates the release of capital while also reducing the Group’s future funding commitments, allowing Lendlease to focus on its core Australian operations and international Investments platform.”
ENDS
FOR FURTHER INFORMATION, PLEASE CONTACT:
Investors: Media: Michael Vercoe Tessie Vanderwert Head of Investor Relations General Manager, Corporate Affairs Mob: +61 488 245 205 Mob: +61 428 483 828 [email protected] [email protected]
Authorised for lodgement by the Lendlease Group Disclosure Committee
Lendlease Corporation Limited ABN 32 000 226 228 and Lendlease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lendlease Trust ABN 39 944 184 773 ARSN 128 052 595
Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW Australia Telephone +61 2 9236 6111 | Facsimile +61 2 9252 2192 | www.lendlease.com
Appendix: Capital recycling progress
Lendlease is committed to its capital recycling initiatives and is progressing opportunities to realise the remaining cash proceeds. Lendlease will update the market in relation to these opportunities as appropriate.
Announced and completed capital recycling initiatives
| Asset | Sale price | Profit / (loss)1 | Completion timing |
|---|---|---|---|
| Communities | $1,060m | ~$95m2 | 29 November 2024 |
| Life Science interests3 | $170m | ~$105m | 1 August 2024 |
| Military Housing | $516m | ~$145m4 | 30 January 2025 |
| Capella Capital | $235m5 | ~$70m | 19 June 2025 |
| UK Development JV | $300m+6 | ~$10-30m7 | Targeting FY26 |
| Other8 | $240m | ~$18m | 1H/2H FY25 |
| Cumulative totalannounced | $2,521m+ | ~$443-463m | N/A |
1 Expressed as a gain or loss (post tax) versus carrying book value. Reflects project / asset level profit, before allocation of overheads. Does not reflect Group OPAT
2 Includes profit of $35m that has been booked in FY24 and FY25 as a result of the delayed completion, which otherwise would have been part of the sale profit. Separately, an additional ~$10m of profit in 2H FY25 is anticipated from retained Communities projects
3 Includes positive purchase price adjustments recognised in 1H FY25, relating to the acquisition of a ~S$1.6b portfolio of assets in Singapore
4 Exchange rates and completion adjustments remain subject to finalisation
5 Sale price represented on a 100% ownership basis. Lendlease has a 70% ownership interest
6 Assumes the lower range of estimated capital balances at 31 December 2025
7 Exchange rates and completion adjustments remain subject to finalisation
8 Includes Elephant Park land and asset divestments and the sale of completed inventory
Lendlease Corporation Limited, ABN 32 000 226 228 Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW www.lendlease.com