LLC ASX: Lendlease books $1.48b writedown as it ends overseas developments

Already a subscriber?Lendlease chief executive Tony Lombardo has won over the activist investors who successfully agitated for the company to shut the door on expensive international construction work and concentrate on its home market.The Australian Financial Review

“From here, execution and a sustained focus on returns and capital allocation will be critical,” a spokesman for Tanarra said. “We fully support Lendlease taking the position of being a focused but not pressured seller of assets, and prioritising investor returns over quick exits.” Mr Lombardo told the market Lendlease had already put up $2.8 billion in assets across three continents for sale, including the Ardor Gardens retirement facility in China. Land and inventory in San Francisco, Chicago and throughout London are also for sale. The chief executive said Lendlease had advanced the exit of its US construction operations, and that it was in the “early phases” of selling its UK platform.

“Lendlease’s credit quality over the next 12-18 months will still be heavily dependent on improving earnings, receiving proceeds from already announced transactions and reducing debt,” Mr Chitterer said.

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