Developer Lend Lease says the STG656 million ($A1.20 billion) sale of its interest in an upmarket UK shopping mall will boost its 2014 net profit by 45 per cent.
But investors weren't impressed, sending Lend Lease shares down 50 cents, or 3.7 per cent, to $13.12, as the company also said returns on several projects in the UK and Australia would be lower than expected.
Lend Lease sold its interest in the Bluewater Shopping Centre, along with its associated management rights and sundry land interests, to Land Securities Group.
Its profit on the sale, after tax and costs, would be about $480 million, the company said.
Lend Lease is forecasting a full year net profit in 2013/14 between $810 million and $830 million.
Its 2015 net profit is expected to be $600 million to $620 million, in line with analyst forecasts.
Chief executive Steve McCann said the cash proceeds would go to paying down debt.
The funds would also support investment in the company's $38 billion global development pipeline, including urban regeneration projects in London.
Lend Lease has accounted for a higher expected tax rate of 16-19 per cent, it said.
It expected to pay a dividend in the mid-point of its policy of 40-60 per cent of earnings.
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