Lend Lease Just Closed A $1.2 Billion Deal For Its Bluewater Shopping Center In The UK

The Bluewater shopping centre.

Lend Lease announced this morning that it had sold its stake in Bluewater, a huge high-end shopping centre in Britain, for around $1.22 billion.

Previous reports had put the expected value of its stake at around $1 billion, so the deal may be somewhat bigger than what the market was expecting.

Reuters reports the deal will boost its 2014 earnings by 45%.

Lend Lease is now expecting a profit of between $810 million and $830 million for the year, and it expects to pay out half of the profits in unfranked dividends.

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