Lend Lease has sold most of its US property investment management business to Morgan Stanley after writing down $600m of its value.
The Australian property giant did not give financial details of the deal, saying Morgan Stanley was “to assume ownership of certain parts” of the business.
It said: “The financial outcome of the transaction was within Lend Lease’s expectations, which were reflected in the recently announced writedown of Lend Lease’s Real Estate Investments businesses.”
Writedowns have reduced its value to $50m from $650m.
The parts of the business included in the transaction are all separate account mandates and most pooled funds.
Lend Lease chief executive Greg Clarke said: “This agreement allows us to exit most of the US equity business and minimise further exposure to this sector.”
This week Lend Lease also sold its 80% stake in the Tres Aguas retail centre near Madrid to Metrovacesa for €28m.
