Australian construction and property company, Lend Lease Group, has sold its stake in King of Prussia shopping mall in Philadelphia, Pennsylvania, The Wall Street Journal reports. The Morgan Stanley Prime Property Fund acquired the 50% stake for about $545 million. The proceeds are expected to be used by the company to repay its pound-denominated debt and to fund its U.S. investment pipeline. The deal values the shopping mall at $1.25 billion and will generate a profit of about $100 million for the Australian firm, adds Reuters.
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