The investment banks have sent term sheets to a host or
prospective buyers, added one of the sources who spoke on
condition of anonymity because they were not authorized to speak
to the media.
Representatives for Lendlease and Morgan Stanley declined to
comment. Gresham did not return requests for comment.
The Australian developer wants to divest the E&S unit, which
Bank of America Merrill Lynch analysts have said could fetch
about A$500 million ($355.15 million) in cash proceeds, and
focus on its other three units - construction, development and
property investments.
In a presentation on Thursday, Lendlease said it expected to
take a restructuring hit from the sale of between A$450 million
to A$550 million.
LendLease last month reported a 96.3 percent drop in first-half
profit, dragged down by the underperformance of the E&S
businesses, which was hit by delays and low productivity in a
tunneling project in Sydney.
(Reporting by Paulina Duran; Editing by Kim Coghill and Rashmi
Aich)
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