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Lendlease
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==History== === Founding === The company was established as '''Lendlease''' by [[Dick Dusseldorp]]<ref>{{cite news |url=http://www.smh.com.au/comment/obituaries/company-chief-who-delivered-in-spades-for-clients-shareholders-20130324-2gnzx.html |title=Company chief who delivered in spades for clients, shareholders |newspaper=[[Sydney Morning Herald]] |access-date=6 October 2015}}</ref> in 1958 to provide finance for building contracts being undertaken by [[Civil & Civic]]. In 1961, the company acquired Civil & Civic from Bredero's Bouwbedrijf.<ref>{{cite web |url=http://www.eoas.info/biogs/A000933b.htm |title=Civil and Civic (1951 - ) |publisher=Encyclopedia of Australia Science |access-date=7 April 2018}}</ref> Lendlease first listed on the ASX in 1962. Operations expanded to the United States in 1971 and to Singapore in 1973.<ref name="lendlease.com">{{cite web |url=https://www.lendlease.com/au/about-us/our-history/ |title=Our History |publisher=Lend Lease |access-date=28 October 2022}}</ref> In 1982, Lendlease acquired 50% of [[MLC (company)|MLC]] and in 1985 acquired the balance of the company. MLC's multi-manager, multi-style investment philosophy was introduced in 1986. It was later sold to [[National Australia Bank]] in the year 2000<ref>{{Cite web |url=https://www.nab.com.au/about-us |title=About us |website=nab.com.au}}</ref> for $4.56 billion, one of the biggest mergers in Australian corporate history.<ref>{{cite web |url = http://www.abc.net.au/pm/stories/s117642.htm |title = NAB nabs MLC financial services unit |publisher = [[PM (Australian radio program)|PM]] |date = 10 April 2000}}</ref> === Expansion and major acquisition === In 1999, the company formed Actus Lendlease 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.<ref name="lendlease.com2">{{cite web |url=http://www.lendlease.com/en/Group/Lend-Lease/Worldwide/About-Us/history-and-achievements.aspx |title=History and Achievements |publisher=Lend Lease |access-date=28 February 2015}}</ref> Around this time, the company also acquired the British-based builder [[Bovis Construction]] from [[P&O]].<ref>{{cite web |url=http://www.building.co.uk/story.asp?storycode=3134586 |title=Lend Lease offers Olympic work to Bovis rivals | Online News |last=Rogers |first=David |date=23 February 2009 |publisher=Building |access-date=28 February 2015}}</ref> During 2000, it bought [[Amresco]]'s commercial mortgage business.<ref>{{cite web |url=http://www.thefreelibrary.com/Lend+Lease+completes+purchase+of+AMRESCO+mortgage+holdings-a062745618 |title=Lend Lease completes purchase of AMRESCO mortgage holdings. β Free Online Library |publisher=Thefreelibrary.com |access-date=28 February 2015}}</ref> One year later, Lendlease acquired [[Delfin (company)|Delfin]] (now Lendlease Communities) for $172 million.<ref>{{cite web |url=http://www.lendlease.com |title=Lend Lease |publisher=Lend Lease |access-date=28 February 2015}}</ref> It went on to buy [[Crosby Homes]]<ref name="lendlease.com2" /> (now Lendlease Residential Development) for circa Β£240 million in 2005.<ref name="auto">{{cite web |url = http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article536756.ece |archive-url = https://web.archive.org/web/20110612115614/http://business.timesonline.co.uk/tol/business/industry_sectors/construction_and_property/article536756.ece |url-status = dead |archive-date = 12 June 2011 |title = Crosby Homes chiefs in line for Β£25m from sale to Lend Lease |publisher = The Times |date = 24 June 2005}}</ref> === Barangaroo, Valemus Acquisition, One Lendlease Era === In 2009, Steve McCann was appointed CEO.<ref>{{cite web |url=http://www.news.com.au/news/lend-lease-makes-mccann-ceo/news-story/77128313c0e43912025195a67d07b2e3 |title=Lendlease appoints Steve McCann as CEO |date=2 October 2009 |publisher=News.com |access-date=7 April 2018}}</ref> In the same year Lendlease Corporation acquired Babcock and Brown Communities,<ref name="ReferenceA2">{{cite web |url=http://www.lendlease.com/en/Group/Lend-Lease/Worldwide/About-Us.aspx |archive-url=https://web.archive.org/web/20120203084318/http://www.lendlease.com/en/Group/Lend-Lease/Worldwide/About-Us.aspx |url-status=dead |archive-date=3 February 2012 |title=About |publisher=Lendlease |access-date=21 April 2014}}</ref> rebranding the business as [[Primelife|Lendlease Primelife]]. At the time, this acquisition made Lendlease Australia's largest provider of retirement villages.<ref>{{cite web |url=http://www.lendlease.com/en/Group/Lend-Lease/Australia/Sectors/retirement-senior-living.aspx |archive-url=https://archive.today/20130127154215/http://www.lendlease.com/en/Group/Lend-Lease/Australia/Sectors/retirement-senior-living.aspx |url-status=dead |archive-date=27 January 2013 |title=Retirement Living |publisher=Lendlease |access-date=21 April 2014}}</ref><ref name="lendleaseseniorliving.com.au2">{{cite web |url=http://www.lendleaseseniorliving.com.au/ |title=Retirement Living β Retirement Villages, Retirement Apartments, Retirement Units & Serviced Apartments | Lendlease |date=19 April 2004 |publisher=Lendleaseseniorliving.com.au |access-date=21 April 2014}}</ref> In December 2009, Lendlease was selected by the [[New South Wales]] Government to develop [[Barangaroo, New South Wales|Barangaroo]].<ref>{{cite news |url=https://www.afr.com/politics/lend-lease-wins-6bn-barangaroo-development-20091221-iw977 |title=Lendlease wins $6bn Barangaroo development |newspaper=Australian Financial Review |date=21 December 2009}}</ref> In 2010, Lendlease announced their first foray into the consumer market with Lendlease Solar.<ref name="ReferenceA2" /> This subsidiary was wound up in early 2011, with no explanation as to why the division had closed.<ref>{{cite web |url=http://www.lendleasesolar.com.au |title=Lendlease β Contacts |date=30 June 2013 |publisher=Lendleasesolar.com.au |access-date=28 February 2015}}</ref> On 17 February 2011 Lendlease announced wider ranging changes to its group of brands. This announcement meant the retirement of the Bovis, Delfin, Vivas, Catalyst and [[Primelife]] brands which were superseded by the unified Lendlease brand.<ref>{{cite web |url=http://www.constructionenquirer.com/2011/01/07/lend-lease-to-drop-bovis-name/ |title=Lendlease to drop Bovis name |publisher=Constructionenquirer.com |access-date=21 April 2014}}</ref> In late February 2011, Lendlease acquired DASCO in order to position itself to take advantage of the impending Obama administration Health sector boom. The company was immediately rebranded as Lendlease DASCO, and started operating independently of the Lendlease Americas business.<ref>{{cite web |url=https://www.prnewswire.com/news-releases/lend-lease-to-acquire-healthcare-developer-dasco-116736434.html |title=Lendlease to Acquire Healthcare Developer DASCO |date=23 February 2011 |publisher=PR Newswire |access-date=7 April 2018}}</ref> In March 2011, Lendlease completed the acquisition of [[Valemus]]<ref name="lendlease.com2" /> (previously known as Bilfinger Berger Australia) from [[Bilfinger]].<ref>{{cite web |url=http://www.valemus.com.au/news/media-releases/?ItemID=58&count=1 |title=Media Releases |access-date=10 January 2011 |url-status=dead |archive-url=https://archive.today/20121231023543/http://www.valemus.com.au/news/media-releases/?ItemID=58&count=1 |archive-date=31 December 2012}}</ref> In March 2013, the business divested its aged care homes (from the acquisition of Babcock and Brown Communities) to [[Allity]], a business owned by Australian Aged Care Partners.<ref>{{cite news |url=https://blogs.wsj.com/dealjournalaustralia/2013/02/28/archer-capital-buys-lend-leases-aged-care-business/ |title=Archer Capital Buys Lendlease's Aged Care Business |newspaper=Wall Street Journal |date=27 February 2013 |last1=Tan |first1=Gillian }}</ref> In 2015, the company rebranded to use "Lendlease" as a single word.<ref>{{Cite web |url=https://www.cmo.com.au/article/575803/lendlease-revitalises-branding-match-next-pipeline-projects/ |title = Lendlease revitalises branding to match next pipeline of projects |website = cmo.com.au }}</ref> 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. Microgrids 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. This asset was later sold in 2020.<ref>{{cite news |url=https://www.afr.com/property/commercial/lendlease-exits-us-solar-farms-business-20201117-p56fbo |title=Lendlease exits US solar farms business |newspaper=Australian Financial Review |date=17 November 2020 |last1=Lenaghan |first1=Nick}}</ref> In February 2021, Lendlease announced that Tony Lombardo, previously CEO of Lendlease Asia, would takeover from Steve McCann as Group CEO. This took place in June 2021.<ref>{{cite news |url=https://www.shoppingcentrenews.com.au/latest-news/industry-news/lendlease-announces-new-ceo-as-mccann-retires/ |title=Lendlease announces new CEO as McCann retires |newspaper=Shopping Centre News |date=15 February 2021}}</ref> The global [[COVID-19 pandemic]] led to enforced site closures during the early 2020s, impairing revenues. In February 2022, Lendlease reported a first half loss of $264 million, which it attributed to one-off restructuring costs, COVID-19 issues and asset sales. The company cut about 360 jobs and garnered savings of $160 million.<ref name="SMH-21Feb2022">{{cite news |last1=Cummins |first1=Carolyn |title=Lendlease posts $264m loss as pandemic bites development, cuts dividend |url=https://www.smh.com.au/business/companies/lendlease-posts-264m-loss-as-global-pandemic-bites-development-20220221-p59y6v.html |access-date=22 August 2022 |work=Sydney Morning Herald |date=21 February 2022}}</ref> An improved second half to the financial year saw the company post a bottom-line loss of $99 million for the full year, after $333 million in writedowns on existing operations, a 61% drop in development EBITDA to $18 million and a 24% slump in construction earnings to $131 million.<ref name="BNA-22Aug2022">{{cite news |last1=Nichols |first1=Nick |title=Lendlease posts $99m loss, targets 2024 to reap benefits of business shake-up |url=https://www.businessnewsaustralia.com/articles/lendlease-posts--99m-loss--targets-2024-to-reap-benefits-of-business-shake-up.html |access-date=22 August 2022 |work=Business News Australia |date=22 August 2022}}</ref> ===Australia focus=== In May 2024, Lendlease announced plans to sell its overseas operations and to be focused on its domestic operations in Australia by late 2025.<ref>{{cite news |last1=Lowe |first1=Tom |title=Lendlease to pull out of UK and sell its overseas construction business |url=https://www.building.co.uk/news/lendlease-to-pull-out-of-uk-and-sell-its-overseas-construction-business/5129622.article |access-date=28 May 2024 |work=Building |date=28 May 2024}}</ref> It described its overseas markets as a "drag" on shareholder returns; its new strategy will focus on simplifying the firm's structure, reducing costs and leveraging its competitive strengths.<ref>{{cite news |last1=Marrs |first1=Colin |title=Lendlease UK operation to be sold βby end of 2025β |url=https://www.constructionnews.co.uk/contractors/lendlease/lendlease-to-pull-out-of-uk-construction-market-28-05-2024/ |access-date=28 May 2024 |work=Construction News |date=28 May 2024}}</ref> On 1 January 2025, Lendlease announced the sale of its UK construction business to US private equity business [[Atlas Holdings]] for Β£35 million, with completion targeted before the end of June 2025.<ref>{{cite news |last1=Rogers |first1=Dave |title=Lendlease to be bought by US private equity giant |url=https://www.building.co.uk/news/lendlease-to-be-bought-by-us-private-equity-giant/5133572.article |access-date=2 January 2025 |work=Building |date=2 January 2025}}</ref> The deal was completed in March 2025 when the business was renamed [[Bovis Construction|Bovis]], resurrecting a brand retired in 2011.<ref>{{cite news |last1=Rogers |first1=Dave |title=Bovis name set to return to UK construction once new owner completes Lendlease deal |url=https://www.building.co.uk/news/bovis-name-set-to-return-to-uk-construction-once-new-owner-completes-lendlease-deal/5133650.article |access-date=9 January 2025 |work=Building |date=9 January 2025}}</ref><ref>{{cite news |last1=Rogers |first1=Dave |title=Lendlease officially renamed Bovis after Β£35m sale to US private equity firm completes |url=https://www.building.co.uk/news/lendlease-officially-renamed-bovis-after-35m-sale-to-us-private-equity-firm-completes/5135294.article |access-date=1 April 2025 |work=Building |date=31 March 2025}}</ref>
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