Lendlease Group (LLESF,LLC.AX), an Australian construction and real estate company, said on Monday that it has inked a deal with an investment group sponsored by Bizzi & Partners S.p.A. to sell its Milano Santa Giulia mixed-use development project in Italy for a gross value of $250 million.
Tony Lombardo, CEO of Lendlease, said: "The sale of the commercially challenged MSG North project is consistent with our strategy to reduce long-dated international development capital and simplify the group."
The transaction value of around $250 million includes the acquisition of Lendlease's units in the Heartbeat Fund, the holder of the development rights to MSG North, for $90 million and project debt of $160 million. The deal also includes funding future remediation and infrastructure works.
Post transaction, the Australian company is expected to record a post-tax operating loss of around $175 million.
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