Lendlease completes exit from international construction with UK arm sale
03 January 2025
Australia-based construction and development company Lendlease has announced the sale of its UK construction business.
It has reached a deal with private equity firm Atlas Holdings, which will pay £35 million (A$70 million) in cash for Lendlease’s UK construction arm, including £10 million (A$20 million) deferred until June 2026.
Photo: Lendlease
It has reached a deal with private equity firm Atlas Holdings, which will pay £35 million (A$70 million) in cash for Lendlease’s UK construction arm, including £10 million (A$20 million) deferred until June 2026.
Lendlease said the completion of the deal will finalise its exit from its international construction operations, ahead of an 18-month timeline it set out in May last year.
The announcement of the move in May 2024 came as part of a company overhaul as Lendlease looked to free up as much as A$4.5 billion of capital. It said at the time that it wanted to simplify its structure and focus on its Australian business and international investments plan.
In September last year, US-based construction company Consigli announced that it would buy a portfolio of work in New York and New Jersey from Lendlease that represented US$1.8 billion worth of work. Around 400 US-based Lendlease staff also moved to Consigli.
Commenting on the sale of the UK business, Lendlease Group CEO Tony Lombardo said, “This transaction builds on our progress to simplify Lendlease as we look to lower our risk profile and increase securityholder returns. It also represents a positive outcome for both our people and our valued customers.”
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