Lend Lease (ASX: LLC) investors can rest a bit easier after this week's announcement that the company has sold off A$189 million of Singaporean assets to a new "Lend Lease Jem Partners Fund." The announcement came on Monday, but a Tuesday press release brought the news investors really wanted to hear.
This week's sale, along with increasingly lucrative Asian Development, Australian Infrastructure Development, and Australian Property divisions, have proven enough to keep the company on track for FY 2013 earnings. According to the release, Lend Lease expects its earnings to fall somewhere between $540 and $550 million, despite weaker underlying construction markets in Australia, Europe, the Middle East, and Africa.
""It is pleasing to be on track to deliver a solid result in line with market expectations in a tough market environment," said Lend Lease CEO and Managing Director Steve McCann in a statement. "In the last six months we have made solid progress on some of our major projects around the world, including Barangaroo in Sydney, Jem® in Singapore and healthy pre-sales in Elephant and Castle in London."
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Motley Fool contributor Justin Loiseau has no position in any stocks mentioned in this article. You can follow him on Twitter @TMFJLo.
