U.S. Markets open in 1 hr 35 mins

Australia's Lendlease hires banks to run sale of engineering unit - sources

By Paulina Duran

SYDNEY, March 28 (Reuters) - Australian construction firm LendLease Group has appointed Morgan Stanley and local adviser Gresham to run the sale of its underperforming engineering and services business, two people familiar with the situation told Reuters on Thursday.

The investment banks have sent term sheets to a host or prospective buyers, added one of the sources who spoke on condition of anonymity because they were not authorised to speak to the media.

A spokesman for Lendlease declined to comment. (Reporting by Paulina Duran; Editing by Kim Coghill)