Lendlease Group

Lendlease Group
Public
Traded as ASX: LLC
Industry Construction, Infrastructure and Real estate
Founded 1958 (Sydney)
Headquarters Barangaroo, New South Wales, Australia
Area served
 Worldwide
Key people
 David Crawford (Chairman)
Steve McCann (CEO and Managing Director)
Products Asset and Property Management, Building, Engineering, Infrastructure Development, Investment Management and Services, Asset and Investment Legal Services.
Revenue Increase $15,088.5 million (2016) [1]
Increase$758.6 million (2017)[1]
Number of employees
 Over 11,000 (2016)[2]
Subsidiaries Lendlease Investment Management
Lend Lease Project Management & Construction
Lendlease Residential Development
Lendlease Communities
Lendlease Development
Lendlease Infrastructure
Lendlease Public Private Partnerships
Lendlease Apartment
Lendlease Venture Capital
Lendlease Retirement
Website www.lendlease.com

Lendlease Group is a multinational construction, property and infrastructure company headquartered in Barangaroo, Sydney, Australia.

History

The company was established by Dick Dusseldorp [3] in 1958 to provide finance for building contracts being undertaken by Civil and Civic. In 1961 the company acquired Civil and Civic from Bredero's Bouwbedrijf.[4]

In 1970 Lendlease expanded their operations into America, and in 1983 Lendlease created 'The Lendlease Foundation', their charitable arm to improve communication with and help in communities, as well as caring for both community and employee well-being.[5]

In 1999 the company formed Actus Lend Lease with the acquisition of Actus Corporation's MILCON and technical service construction management business, and augmented this business with professionals from Lendlease Design and Lendlease Development.[6]

Also in 1999 the Company acquired Bovis from P&O, which now forms Lend Lease Project Management & Construction.[7] Then in 2000 it bought AMRESCO's commercial mortgage business[8] In 2001, Lend Lease acquired Delfin Property Group (now Lend Lease Communities) for $172 million.[9] It went on to buy Crosby Homes[6] (now Lend Lease Residential Development) for circa £240 million in 2005.[10]

In 2009, the groups current CEO and Managing Director, Steve Mccann, was appointed.[11]

In 2009, Lend Lease Corporation acquired Babcock and Brown Communities,[12] rebranding the business as Lend Lease Primelife. At the time, this acquisition made Lend Lease Australia's largest provider of retirement villages.[13][14]

In 2010, Lend Lease announced their first foray into the consumer market with Lend Lease Solar.[12] The subsidiary was wound up in early 2011, with no explanation as to why the division had closed.[15]

As of 17 Feb 2011 Lend Lease announced wider ranging changes to its group of brands. This announcement means the retirement of the Bovis, Delfin, Vivas, Catalyst and Primelife brands which will now referred to using the unified Lend Lease brand.[16]

In late February 2011, Lend Lease acquired DASCO in order to position itself to take advantage of the impending Obama administration Health sector boom. The company was immediately rebranded as Lend Lease DASCO, and operates independently of the Lend Lease Americas business.[17]

In March 2011, Lend Lease completed the acquisition of Valemus Group[6] (previously known as Bilfinger Berger Australia) from Bilfinger Berger Group, subsidiaries of Valemus include: Abigroup, Baulderstone and Conneq (formerly Bilfinger Berger Services). The Valemus brand was retired and replaced with Lend Lease in 2011.[18]

Regions

In December 2016 Lendlease formed a Joint Venture Agreement with Energy Made Clean. Energy Made Clean is a wholly owned subsidiary of renewable energy technology developer, Carnegie Clean Energy (ASX: CCE). With EMC and Carnegie’s joint offerings, it is the only company in the world to offer a combination of wave, solar, wind, storage and desalination via microgrids. Microgrid's are a budding industry and this partnership aims to provide end-to-end technologies that deliver energy independence and a reliable alternative to traditional forms of energy in regional, remote and fringe-of-grid locations in Australia, United States and around the world.

Previous works include the Adelaide Oval upgrade finished in 2014, and the Sydney Opera House, completed in 1973 where Lendlease were the principal contractor.

Asia

OUE Downtown in Singapore is Lendlease's Regional HQ in Asia. Lendlease in Asia have recently won two large urban development projects, The TRX Lifestyle Quarter in Kuala Lumpur, Malaysia, and the Paya Lebar Quarter in Singapore, due for completion in 2020 and 2019 respectively.

Lendlease operates in Singapore, Malaysia, Japan and Greater China within the Asian Region.

Americas

In the Americas, Lendlease are based on Park Ave in New York City, United States. Current Projects include Project Southbank, an urban regeneration of an area of Chicago, IL.[19] The development will be finished in the late 2020s, similar to the urban regeneration programmes in the U.K and Australia.

Lendlease built the western hemisphere's tallest residential tower, standing at 425m tall.

Lendlease also managed the construction of 432 Park Avenue. At 1,396 feet tall, the structure is the tallest residential building in the Western Hemisphere. Located in one of New York City's most desired neighborhoods, alongside some of the most prestigious retail space in New York.

They also provided preconstruction and construction management at risk services for 53 West 53rd Street, a 77-story, 1,050 foot tall uber (ultra) luxury condominium tower located in the area bound by 53rd Street and 54th Street and 5th and 6th Avenues.

They have also built for clients such as The United Nations, building the 44-story 50 United Nations Plaza in 2015 and managing a new fascade at The American Museum of Natural History, finishing in 2013.

In 2012 Lendlease began construction on their first luxury home in an attempt to get into the high-end Southern California mansion market.[20][21]

Soaring Heights at Davis-Monthan AFB, Tucson, Arizona, USA

Soaring Heights is one of Lend Lease’s Public Partnerships business in the US. The 6 MW solar development is the largest solar powered community in the continental U.S., producing more than 10 million kilowatt hours of electricity, providing an estimated 75 percent of the community’s energy needs.[22]

Europe

Lendlease oversaw the restoration of the encaustic tile pavements at Palace of Westminster in 2015.

Lendlease's European Regional Headquarters is in Regent's Place, London. In Europe, Lendlease mainly manage in the Project Management and Construction of new projects and programmes (Lendlease Project Management & Construction), with current projects including Google's brand new £700m European HQ in King's Cross, and London's first Pan Pacific Hotel for UOL Group in the City of London, which is worth over £500m. In 2015 Lendlease oversaw the restoration of the encaustic tile pavements at The Houses of Parliament.[23]

Previous projects in Europe include Bluewater Shopping Centre, which was built in an old disused quarry and was the Europe's leading shopping centre in the late 2000s. King's College London's new science gallery and also completed the pre-construction for both London's Wembley Stadium and Cardiff's Millennium Stadium, but pulled out due to fears of escalating costs. They also completed apartments and the £1bn Athlete's Village for the London 2012 Olympics, which were ingenuously designed to become residential apartments once the Olympics had finished. This has turned into continued investment in Stratford through the International Quarter London, a 20-year development focussed on regenerating Stratford[24] into a major area of London, which is all part of London 2012 Olympics's Olympic Legacy. This is the same with Elephant & Castle and Haringey, showing their focus and interest in major urban regeneration programmes[24] in some of the World's major Gateway Cities,[24] which currently include London,[24] Melbourne,[24] Sydney[24] and Milan.

Operations

The company operates in more than 40 countries around the world.[12] In all of these, the Lend Lease Project Management & Construction division constructs and manages large building projects. The company runs additional businesses in certain markets, including apartment development, greenfield residential development, investment management of unlisted property funds, property management, Real Estate sales and leasing, Public Private Partnerships, Infrastructure Development and Venture Capital investment in innovative technologies. Some operation projects are these:

  • Lendlease Investment Management is the largest developer of public-private defence housing in the United States. The company also owns retail assets throughout the US.
    National September 11 Memorial/Ground Zero Memorial, New York City
    Lendlease Project Management & Construction (previously Bovis Lend Lease) was the major contractor for the Ground Zero Memorial in New York,[25] in addition to a number of other major public buildings throughout the U.S and countless major projects in Europe.
  • Lendlease Dasco is a United States leader in the development, financing, leasing and management of medical office buildings and outpatient facilities. Lend Lease specialised exclusively in the development of medical real estate for more than 23 years, has developed more than 3.8 million square feet, acquired 1.5 million square feet and currently manages more than 2.0 million square feet of medical office space.[26]
  • Lendlease Project Management & Construction constructs significant retail and mixed use projects for Lend Lease's Investment Management Business, and Lend Lease's Development Business as well as working for external third party clients. Post Construction, Lendlease's Retail Business manage the day-to-day operations of retail assets. In Asia, Lend Lease operations throughout Singapore, Malaysia, China, and Japan. Projects include the construction of the Petronas Towers.[27]

Lendlease manages 3 retail assets in Singapore (Parkway Parade, 313@Somerset & JEM) and 1 retail asset in Malaysia (Setia City Mall).

Adelaide Oval Redevelopment, finished in 2014
Bluewater Shopping Centre in Kent, finished in 1999.
  • Lendlease Investment Management operates and manages assets owned by Lendlease managed property funds. Recently these have included shopping centres such as Bluewater,[37] Touchwood Solihull and the Overgate Centre. However, they have since sold their shares in these assets and thus pulled out of their retail development investment business in the UK, which was previously the third largest in that market. It also conducts many "public-private partnership" developments with the UK government, particularly concentrating on hospital and defence housing estate developments.
  • Lendlease Residential Development (previously Crosby Lendlease) has been designing and constructing homes for over 80 years. The business now focuses primarily on inner city urban regeneration opportunities within the UK. Projects include i-land – Birmingham, Clarence Dock – Leeds, Hungate – York, Potato Wharf – Manchester and as previously mentioned, Elephant & Castle and International Quarter London (both London).
  • Lendlease Project Management & Construction has significant history in the UK having originated in the 1850s as W C Bovis. The division has constructed many famous buildings, including the 2012 London Olympic Games Village (now the East Village), London's Millennium Dome, The Curve Theatre, Leicester, Media City UK, Royal Festival Hall & BBC's Scotland Headquarters, as well as others mentioned in this article. The company has built, managed and operated eight major Private Finance Initiative hospitals in the UK.

References

  1. 1 2 "Lend Lease : Annual Report 2016". Phx.corporate-ir.net. Retrieved 2015-02-28.
  2. ↑ "Fast Facts". Lend Lease. 2013-06-30. Retrieved 2015-02-28.
  3. ↑ "Company chief who delivered in spades for clients, shareholders". Sydney Morning Herald. Retrieved 6 October 2015.
  4. ↑ "Civil and Civic (1951 - )". Encyclpoedia of Australia Science. Retrieved 7 April 2018.
  5. ↑ "Lendlease – Paying it forward with the ASVB". ASVB. 11 December 2017. Retrieved 7 April 2018.
  6. 1 2 3 "History and Achievements". Lend Lease. Retrieved 2015-02-28.
  7. ↑ Rogers, David (2009-02-23). "Lend Lease offers Olympic work to Bovis rivals | Online News". Building. Retrieved 2015-02-28.
  8. ↑ "Lend Lease completes purchase of AMRESCO mortgage holdings. – Free Online Library". Thefreelibrary.com. Retrieved 2015-02-28.
  9. ↑ "Lend Lease". Lend Lease. Retrieved 2015-02-28.
  10. ↑ Crosby Homes chiefs in line for £25m from sale to Lend Lease The Times, 24 June 2005
  11. ↑ "Lend Lease appoints Steve McCann as CEO". News.com. 2 October 2009. Retrieved 7 April 2018.
  12. 1 2 3 "About". Lend Lease. Archived from the original on 2012-02-03. Retrieved 2014-04-21.
  13. ↑ "Retirement Living". Lend Lease. Retrieved 2014-04-21.
  14. ↑ "Retirement Living – Retirement Villages, Retirement Apartments, Retirement Units & Serviced Apartments | Lend Lease". Lendleaseseniorliving.com.au. 2004-04-19. Retrieved 2014-04-21.
  15. ↑ "Lend Lease – Contacts". Lendleasesolar.com.au. 2013-06-30. Retrieved 2015-02-28.
  16. ↑ "Lend Lease to drop Bovis name Ι Construction Enquirer". Constructionenquirer.com. Retrieved 2014-04-21.
  17. ↑ "Lend Lease to Acquire Healthcare Developer DASCO". PR Newswire. 23 February 2011. Retrieved 7 April 2018.
  18. ↑ "Media Releases". Archived from the original on 31 December 2012. Retrieved 10 January 2011.
  19. ↑ "South Loop 'Riverline' mega-project breaks ground". Curbed Chicago. Retrieved 2018-02-28.
  20. ↑ "When a Mega-Mansion Runs Over Budget". The New York Times. 2018-03-30. ISSN 0362-4331. Retrieved 2018-05-16.
  21. ↑ "When building a megamansion goes wayyy over budget". The Real Deal Los Angeles. 2018-04-01. Retrieved 2018-05-16.
  22. ↑ Coggan, Jamie L. "Davis-Monthan to House Air Force's Largest Stateside Solar-Power Community". Davis-Monthan Air Force Base. Davis-Monthan Air Force Base. Archived from the original on 17 November 2015. Retrieved 16 November 2015.
  23. ↑ http://www.lendlease.com/uk/projects/houses-of-parliament/?id=ed780d41-bd17-421f-92b3-3022ded36a25
  24. 1 2 3 4 5 6 7 "City & Urban Regeneration, Development & Renewal Projects". www.lendlease.com. Retrieved 2017-08-10.
  25. ↑ "National September 11 Memorial and Museum". Lend Lease. 11 September 2001. Archived from the original on 21 March 2012. Retrieved 21 April 2014.
  26. ↑ "Lend Lease – Healthcare Development". Dascomed.com. Retrieved 2014-04-21.
  27. ↑ "The Kuala Lumpur City Centre". Lend Lease. Archived from the original on 21 March 2012. Retrieved 21 April 2014.
  28. ↑ "Barangaroo South". Lend Lease. Retrieved 2014-04-21.
  29. ↑ [1]
  30. ↑ "ShowgroundHill". Lend Lease. Retrieved 2014-04-21.
  31. ↑ "West Grove". www.homesbylendlease.co.uk. Retrieved 2017-08-10.
  32. ↑ "Jordan Springs". Lend Lease. Archived from the original on 21 March 2012. Retrieved 21 April 2014.
  33. ↑ "Springfield Lakes". Lend Lease. Archived from the original on 21 March 2012. Retrieved 21 April 2014.
  34. ↑ [5] Archived 13 February 2011 at the Wayback Machine.
  35. ↑ "Army taps Lend Lease, IHG for privatization". Hotel News Now. Retrieved 24 April 2014.
  36. ↑ [6] Archived 22 March 2012 at the Wayback Machine.
  37. ↑ "Bluewater". Lend Lease. 16 March 1999. Archived from the original on 21 March 2012. Retrieved 21 April 2014.
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