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LEIGHTON TO BUY 40PCT STAKE IN PROPERTY CO DEVINE LTD.
SYDNEY, Feb 1 Asia Pulse - Leighton Holdings Ltd (ASX:LEI) will pay about $A94.7 million ($US73.43 million) for a 40 per cent stake in listed property developer Devine Ltd (ASX:DVN), deepening its footprint in the residential property market.
Leighton said the deal, if approved by shareholders, would involve the issue of 94.7 million shares, bringing Devine's total shares on issue to about 236.8 million.
Leighton Holdings chief executive Wal King said the acquisition was a significant strategic move by the company to expand its property development business.
"We believe that Devine, a leading home builder and developer in Australia's residential property market, provides the group with a great opportunity to further diversify," Mr King said.
"For Leighton Group, the acquisition is a strategic diversification into a market beyond the commercial property cycle."
He said the residential property market was a $30 billion a year market, and was expected to grow strongly over the long-term given the strong Australian economy and GDP per capita.
Mr King said Devine offered affordable housing in Queensland, Victoria and ...
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Source: HighBeam Research, LEIGHTON TO BUY 40PCT STAKE IN PROPERTY CO DEVINE LTD.