Lend Lease Group, Australia’s biggest developer, fell by the most in four months after forecasting new provisions and saying profit growth this year will be driven by one-time proceeds from the sale of a U.K. shopping center.
Lend Lease Group, Australia’s biggest developer, said it expects a 45 percent profit boost this fiscal year after selling its stake in the Bluewater Shopping Center in the U.K. for 696 million pounds ($1.2 billion).
London’s status as a magnet for foreign property investment was burnished in the years after the financial crisis by an investor-friendly tax regime and the falling value of the pound. That may be changing.
Modern office towers with nicknames like the Walkie Talkie and the Cheesegrater are being completed high above the City of London, giving the impression there’s plenty of room for a resurgent financial industry. Closer to the ground, developers are preparing for a shortage of space.