Property giant Lendlease has sold a half stake in its Asia Pacific life sciences platform to private equity player Warburg Pincus, in a $147 million deal it says reflects its willingness to overhaul its beleaguered business.

The move comes as high-profile activist investors – John Wylie’s Tanarra Capital, Allan Gray and HMC Capital – ratchet up pressure on the homegrown global developer, demanding Lendlease pull back from much of its offshore activity to focus on restoring the once-hallowed company’s value at home.