BUZZ-Australia's LendLease jumps on $362 million stake sale, Citi notes balance sheet relief

Citigroup Inc.

Citigroup Inc.

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** LendLease shares LLC.AX rise as much as 6% to A$3.085, biggest intraday pct gain since June 11

** Among top gainers on benchmark .AXJO, which is down 0.4%

** Real estate co says it divests remaining about 25% stake in Keyton Retirement Living Trust to retirement savings fund Aware Super for A$525 million ($361.94 million)

** Says net proceeds will be used to reduce co's debt

** Citi (maintains "buy", PT at A$4.5) says sale relieves any perceived balance sheet pressure

** Adds, LLC winning property development projects worth over $10 billion will improve FY27 earnings

** YTD, stock down about 41%, .AXJO up 0.7%

($1 = 1.4505 Australian dollars)


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