Already a subscriber?Lendlease will book impairments of up to $1.48 billion, writing down investments in its overseas construction businesses and developments, as it ends its international aspirations and frees up $4.5 billion for shareholders and local growth.on Sunday, Lendlease’s new strategy ends the company’s decades-long international construction and development work.
Lendlease chief executive Tony Lombardo said the strategy would leave a company that was “firmly anchored in the very best of our proud legacy, but less complex, more focused and fit for purpose”. Lendlease’s international works include unfinished developments in Malaysia, the US, Italy and the UK, started when interest rates were low and property prices high. As the cycle turned, Lendlease was stuck with unprofitable or hard-to-fund developments.Under Mr Lombardo’s watch, the company has already sold a 21 per cent stake in a military housing scheme in the US, sold its master-planned communities business to Stockland for $1.
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Source: FinancialReview - 🏆 2. / 90 Read more »
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