Lendlease Group is confident of selling its UK operation by the end of next year, it said today after announcing it was withdrawing from construction markets outside of Australia.
In explaining why it was pulling out of its overseas markets, the firm described them as a “ drag ” on shareholder returns.
In a conference call today, Lendlease group chief executive and managing director Tony Lombardo said his company was in the early stages of getting the UK business ready to bring to market.
He said: “ We think the UK and US are very good ongoing businesses and we feel we will be able to find the buyers for both – we are assuming over that next 18-month period [that we will] have executed transactions. ”
Lombardo told analysts that more than two-thirds of the company ’ s assets are deployed in projects and assets outside of Australia, with 80 per cent of these expected to complete after 2030.
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