Threat to Koala Colony Prompts $5.8 Billion Fund’s Exit From Australia Developer
- Australian Ethical sells all its shares in Lendlease Group
- ESG-focused investments are soaring worldwide, PwC says
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A $5.8 billion ethical investment fund in Australia sold all its shares in Lendlease Group, one of the country’s biggest property developers, saying a planned housing project in southwest Sydney threatens a vulnerable koala colony.
Australian Ethical said the sale is among the first to be made on the grounds of impact on an endangered species. The fund, which manages A$8.7 billion of assets ($5.8 billion), sold Lendlease stock worth A$11 million, it said Monday.