Lendlease Completes Sale of US East Coast Construction Operations

Lendlease Corporation Limited (ASX:LLC) has announced the successful completion of the sale of its US East Coast construction operations to US Construction firm, Consigli Building Group, Inc. The sale is expected to have a broadly neutral impact in terms of cash, capital, and profit over a two-year period. Financial settlement is projected to occur in 2Q FY27.

Lendlease Group CEO Tony Lombardo's Comments on the Sale

We're taking decisive action with the objective to become less complex, more focused, and ultimately more profitable. The divestment of our US East Coast construction operations demonstrates the continued execution of our strategy to lower our risk profile and increase securityholder returns. In this regard, we continue to progress the sale of our UK construction business.

Summary of Lendlease's Sale of US East Coast Construction Operations

Lendlease (ASX:LLC) has successfully completed the sale of its US East Coast construction operations to Consigli Building Group, Inc. The company anticipates the sale to have a broadly neutral impact on cash, capital, and profit over a two-year period. Lendlease Group CEO, Tony Lombardo, emphasized that the sale aligns with the company's strategy to lower its risk profile and increase securityholder returns. The financial settlement is expected to occur in 2Q FY27. Lendlease will receive a share of profit margin achieved in the first two years of operations post-completion and an earnout payment based on the conversion of pre-identified pipeline projects. The company continues to focus on streamlining its operations and pursuing profitable opportunities.