Lendlease Faces Debt Increase Due to Asset Sale Delays
Lendlease, a prominent ASX-listed property developer and investor, is experiencing a significant increase in its mid-year debt levels. The company anticipates its gearing ratio will reach the mid-to-high 30 percent range, more than double its annual target, due to delays in the settlement of $1.2 billion in asset sales during the first half of the financial year.
While Lendlease acknowledged an expected rise in net debt for the six months ending december,the extent of the increase was recently disclosed. Despite this setback, the company maintains its commitment to reducing gearing to its target of 15 percent by the end of the full financial year in June.
The delays in asset sales have temporarily impacted Lendlease’s financial position, but the company remains focused on achieving its long-term financial goals. Investors will be closely monitoring Lendlease’s progress in completing these sales and reducing its debt levels in the coming months.
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