Lendlease Group's (ASX:LLC) deal with The Crown Estate is expected to result in AU$250 million to AU$300 million in capital realisation, said Citi, according to a Friday Australian Financial Review report.
On Wednesday, the company confirmed its in final talks 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.
Citi believes that the company's current stock price does not reflect the potential for capital return from the developing joint venture with the property arm of the British royal family.
Citi has upgraded the company to a buy rating with a target price of AU$7.50.
The company's shares rose 3% in recent Friday trade.
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