Lend Lease sells one of its UK stakes

Lend Lease Corp says its UK public private partnership (PPP) business, Catalyst Lend Lease will sell its 50 per cent financial interest in Queens Hospital, Romford.

The investment is being sold to HSBC Infrastructure Company Ltd, for about STG23.9 million ($A43.22 million).

Catalyst Lend Lease was awarded the $261 million Romford contract in January 2004.

It worked in partnership with Barking, Havering and Redbridge University Hospitals NHS Trust to open the hospital in November 2006, following a 36-month period of construction managed by Bovis Lend Lease.

Chief executive Steve McCann said the sale was in line with Lend Lease's strategy of recycling its capital to drive the groups return on equity and fund future PPP opportunities in the UK.