2222 GMT - Lendlease needs to sell more assets if it's going to buy back stock, contends Citi. Lendlease said in May that it intends to repurchase shares worth up to A$500 million. Since then, Lendlease has moved to the brink of settling the A$1.06 billion sale of 12 communities to Stockland and partner Supalai Australia Holdings. That means it has buyers for A$1.9 billion of assets out of a A$4.5 billion target for disposals. Lendlease aims to sell A$2.8 billion of assets in the 12 months after beginning the program. "We believe it is reliant on progressing the balance A$900 million of sales out of the A$2.8 billion targeted initially," analyst Suraj Nebhani says of the potential buyback. Citi retains a buy call on the stock. (david.winning@wsj.com; @dwinningWSJ)
(END) Dow Jones Newswires
November 11, 2024 17:22 ET (22:22 GMT)
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