Lend Lease is selling its aged care business for $270 million to an entity controlled by private equity firm Archer Capital.

The property group said in a statement to the ASX this morning that it had signed an agreement with Archer Capital's Australian Aged Care Partners to sell the business, which includes 30 facilities - 2338 beds and 563 beds in development.

Lend Lease said it would receive $200 million in cash and a promissory note of $70 million, with the transaction to be completed by the end of March.

The aged care business had been acquired in 2009 as part of the Primelife deal.

Steve McCann, Lend Lease's chief executive and managing director, said the sale was in line with his company's strategy.

"The aged care business is more closely aligned to healthcare services than property and is therefore considered non-core for Lend Lease," Mr McCann said.

"Lend Lease will continue to be a leading manager and owner of retirement villages in Australia. Lend Lease will use the sale proceeds to continue to deliver its core development pipeline in Australia."

The construction and infrastructure developer reported operating net profit after tax of $302.3 million for the six months to December, a 37 per cent increase from the previous corresponding period, on the back of funding generated by the $6 billion Barangaroo South project in Sydney.