Lendlease Group (ASX:LLC) confirmed its in late stage negotiations with The Crown Estate to enter a 50/50 joint venture for six of its UK development projects to release longer-dated capital at or slightly above book value, cut future funding needs in half, speed up master planning with government clients, and secure future fee income, according to a Thursday Australian bourse filing.
If successful, the company will earn fees as master developer of existing projects on behalf of the joint venture, with master planning costs sourced from self-funding portfolio land sales.
The company said its immediate focus would be to advance its master planning obligations, while retaining vertical development rights.
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