Already a subscriber?Lendlease has struck a deal to sell its construction business in the United States just three days after unveiling a $4.5 billion plan to pull back from its offshore operations.
“Today’s announcement represents another step to simplify Lendlease to create a more focussed company for securityholders,” Lendlease chief executive Tony Lombardo said.“It’s the culmination of more than 12 months’ work refining our US construction activities to focus on the US East Coast where we have a clear competitive advantage. The sale represents a great outcome for both our people, the majority of whom will move across to Consigli, and for our customers.
Lendlease expects to record $2.8 billion in proceeds from the divestment of various overseas assets, while also recording close to $1.5 billion in impairments by next year.radical restructure of the once-dominant global developer Under the new plan, Lendlease will sell off its international construction business and progressively divest its development assets abroad which include major projects slated for the US, UK and continental Europe.