Already a subscriber?When Steve McCann beat Dan Labbad to the chief executive gig at Lendlease in 2009, it set in motion the company’s quest to literally build a global property empire.
Interest rates were low, and property prices around the world were soaring, giving Lendlease the conviction to pursue a strategy that Tony Lombardo, the company’s then chief financial officer and now chief executive, is now being forced to unwind. To make matters worse, Lendlease’s profits slid 42 per cent in February, shareholders demanded a concrete change in strategy and even the Australian Taxation Office piled onMichael Ullmer, who joined the board in 2011 before being elevated to chairman in 2018, oversaw many of the agreements Lendlease signed to grow its international developments.
Lombardo told the market that Lendlease had already put up $2.8 billion in assets across three continents for sale, including the Ardor Gardens retirement facility in China, as flagged byLand 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.
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Source: FinancialReview - 🏆 2. / 90 Read more »
Source: FinancialReview - 🏆 2. / 90 Read more »