Lendlease

Lendlease is an Australian multinational real estate and infrastructure group whose activities have included property development, investment management, construction, project management and urban regeneration. The company was established in 1958 by Dick Dusseldorp to finance building contracts undertaken by Civil & Civic, and it later acquired that construction business. Lendlease listed on the Australian Securities Exchange in 1962 and expanded internationally, entering the United States in 1971 and Singapore in 1973. Over its history, the group has moved between construction, property, retirement living, investment management and infrastructure services. Its acquisition of MLC was completed in two stages during the 1980s, and the business introduced a multi-manager, multi-style investment approach before selling MLC to National Australia Bank in 2000. During the late 1990s and 2000s, Lendlease expanded through acquisitions including Actus Corporation's military construction and technical services operations, Bovis Construction in the United Kingdom, Amresco's commercial mortgage business, Delfin, and Crosby Homes. The company became particularly associated with large-scale public-private partnerships, urban renewal and complex construction programs. Its portfolio has included Barangaroo South in Sydney, Melbourne Docklands, the RNA Showgrounds in Brisbane, Adelaide Oval, Elephant Park and the International Quarter London. In the United States, its project management and construction operations worked on major public buildings, the National September 11 Memorial & Museum and military lodging programs. In Asia, projects have included The Exchange TRX in Kuala Lumpur and Paya Lebar Quarter in Singapore. Lendlease consolidated its brand architecture in 2011, retiring several legacy names including Bovis, Delfin, Vivas, Catalyst and Primelife. It adopted the single-word spelling “Lendlease” in 2015. The company subsequently invested in renewable-energy and microgrid opportunities, although its Energy Made Clean-related asset was later sold. In 2021, Tony Lombardo succeeded Steve McCann as group chief executive. The group experienced a difficult period around the COVID-19 pandemic, project conditions, restructuring and asset impairments. In 2022 it reported a substantial full-year loss and announced job reductions and cost savings. In May 2024, Lendlease announced a strategic simplification centered on Australia and plans to exit or sell its overseas operations. Its United Kingdom construction business was sold to Atlas Holdings in 2025 and subsequently resumed the Bovis name. Lendlease therefore remains an active listed company, but its strategic direction has shifted from a broadly international operating model toward a more focused Australian property and investment platform.

Lendlease began in 1958 when Dick Dusseldorp established the company to provide finance for construction contracts being carried out by Civil & Civic. In 1961, Lendlease acquired Civil & Civic from its Dutch parent, Bredero's Bouwbedrijf, giving the young company a direct construction operating base. It listed on the Australian Securities Exchange in 1962 and began international expansion in the United States in 1971 and Singapore in 1973. The company broadened its financial and property capabilities during the 1980s. It acquired half of MLC in 1982 and the remaining interest in 1985. MLC later developed a multi-manager, multi-style investment philosophy. Lendlease sold MLC to National Australia Bank in 2000, a transaction that became one of Australia's largest corporate mergers at the time. Expansion accelerated in the late 1990s and 2000s. Lendlease formed Actus Lendlease after acquiring military construction and technical services operations from Actus Corporation. It also acquired Bovis Construction in Britain, Amresco's commercial mortgage business, the residential and communities company Delfin, and Crosby Homes. These transactions strengthened its presence in construction, military and government work, housing, communities and property development. Steve McCann became chief executive in 2009. That year Lendlease acquired Babcock and Brown Communities and renamed the business Lendlease Primelife, temporarily making the group Australia's largest retirement-village provider. The company was also selected to develop Barangaroo in Sydney. In 2011 it acquired Valemus, formerly Bilfinger Berger Australia, and completed a broad brand consolidation under the Lendlease name. The group later divested its aged-care homes to Allity in 2013 and adopted the single-word Lendlease spelling in 2015. During the 2010s, Lendlease pursued large urban regeneration and infrastructure opportunities across Australia, Asia, Europe and North America. Its projects included Barangaroo South, Melbourne Docklands, Elephant Park in London, the International Quarter London, Paya Lebar Quarter and The Exchange TRX. It also participated in renewable-energy and microgrid initiatives, including a joint venture with Energy Made Clean and Carnegie Clean Energy, although that asset was sold in 2020. Tony Lombardo, previously head of Lendlease Asia, succeeded McCann as group chief executive in June 2021. The company subsequently faced pandemic disruption, project challenges, restructuring costs and impairments. It reported a full-year loss for fiscal 2022, reduced its workforce and pursued cost savings. In 2024, management announced a major strategic reset: overseas operations would be sold or exited and the group would concentrate on its Australian activities. The UK construction business was sold to Atlas Holdings in 2025, with the operation later trading again as Bovis. Lendlease continues as an Australian-listed real estate company, although its post-2024 form is intended to be simpler and more domestically focused.

1. 2025UK construction business sold

   The UK construction business was sold to Atlas Holdings and later returned to the Bovis name.

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2. 2024Australia-focused strategy announced

   Lendlease announced plans to exit or sell overseas operations and simplify the group around Australia.

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3. 2021Tony Lombardo became group CEO

   Tony Lombardo succeeded Steve McCann as group chief executive.

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4. 2015Single-word brand adopted

   The company standardized its corporate brand as the single word “Lendlease.”

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5. 2011Valemus acquired and brands consolidated

   The group acquired Valemus and announced the retirement of several legacy brands in favor of one Lendlease identity.

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6. 2009Barangaroo appointment

   Lendlease was selected to develop the Barangaroo waterfront precinct in Sydney.

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7. 2000MLC sold to National Australia Bank

   Lendlease completed the sale of MLC to National Australia Bank.

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8. 1973Singapore expansion

   Lendlease entered Singapore as part of its international growth.

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9. 1971United States expansion

   The group expanded its operations into the United States.

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10. 1962Australian stock-market listing

    Lendlease listed on the Australian Securities Exchange.

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11. 1961Civil & Civic acquired

    Lendlease acquired Civil & Civic from Bredero's Bouwbedrijf, adding a major construction operating business.

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12. 1958Company founded

    Dick Dusseldorp established Lendlease to finance construction contracts undertaken by Civil & Civic.

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An integrated real estate and infrastructure group combining development, investment, construction and project-management capabilities, with a historical emphasis on complex urban regeneration and public-private partnerships.

• Urban regeneration and property developmentProperty development

  Lendlease develops and regenerates large mixed-use precincts combining residential, commercial, retail, public-realm and cultural components. Examples associated with the group include Barangaroo South in Sydney, Melbourne Docklands, the RNA Showgrounds in Brisbane, Elephant Park in London, the International Quarter London, Paya Lebar Quarter in Singapore and The Exchange TRX in Kuala Lumpur. These programs typically involve long development horizons, public-sector coordination and the creation or renewal of entire urban districts rather than individual buildings.

• Construction and project managementConstruction services

  Lendlease has provided construction management, project management, program management and related technical services for commercial, residential, civic, infrastructure and defense projects. Its historic international portfolio included major public buildings in the United States, the National September 11 Memorial & Museum, United States Army lodging programs and large institutional projects. The group announced a substantial withdrawal from overseas construction as part of its 2024 strategic reset.

• Investment managementReal estate investment

  The group has managed real estate investment vehicles and capital on behalf of institutional and other investors, alongside its development and construction activities. Its historical investment capabilities were expanded through MLC, whose multi-manager, multi-style approach became an important part of the group's financial-services activities before MLC was sold to National Australia Bank in 2000.

• Communities and residential developmentResidential development

  Lendlease has developed master-planned residential communities and housing projects in Australia and overseas. The historical communities portfolio included Springfield Lakes in Queensland and developments on former Australian Defence Industries land in Western Sydney, including Ropes Crossing and Jordan Springs. The business has also been involved in larger regeneration schemes where housing is integrated with employment areas, parks, transport and community facilities.

• 2011One Lendlease brand consolidation

  Australia · United States · United Kingdom · Asia

  Lendlease retired several legacy operating names, including Bovis, Delfin, Vivas, Catalyst and Primelife, to present a more unified international brand.

  Outcome. The company subsequently standardized its public identity as Lendlease.

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• 2024Withdrawal from overseas operationsStrategy

  Lendlease concluded that its overseas businesses were reducing shareholder returns and adding structural complexity.

  What changed. The group announced plans to sell or exit overseas operations, reduce costs and focus on Australian development, investment and related capabilities.

  Aftermath. The United Kingdom construction business was sold in 2025, marking a significant step in the announced simplification.

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• 2021Chief executive successionOther

  After Steve McCann's tenure as group chief executive, the company selected Tony Lombardo, who had led Lendlease Asia.

  What changed. Tony Lombardo took over as group chief executive in June 2021.

  Aftermath. Lombardo subsequently led the group through pandemic-related difficulties, restructuring and a later shift toward Australia.

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• 2011Unified global brand architectureStrategy

  Lendlease operated through a collection of acquired and legacy brands across construction, communities, retirement living and development.

  What changed. Management announced that the group would retire several legacy names and operate under the Lendlease brand.

  Aftermath. The change simplified the group's identity and was followed by adoption of the single-word Lendlease spelling in 2015.

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• 2000Sale of MLCM&A

  Lendlease had built MLC into a significant investment-management and financial-services business through staged acquisitions during the 1980s.

  What changed. The company sold MLC to National Australia Bank.

  Aftermath. The transaction removed MLC from the Lendlease group and became one of Australia's largest corporate mergers at the time.

  Transaction value. $4.56 billion (2000)

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• 2020Curtin University construction-site collapseControversy

  A roof collapse at a Lendlease construction site at Curtin University in Western Australia killed one 23-year-old worker and seriously injured two others.

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• 2020Figtree Hill koala-habitat criticismControversy

  Environmental groups criticized the Figtree Hill development in south-west Sydney, arguing that land clearing and the design of wildlife corridors could threaten an important koala population. Lendlease proposed corridors and began a koala underpass, but sold the project to Stockland before all associated access and works were completed.

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• 2018Manchester cladding and contractor controversyControversy

  Lendlease faced criticism during the competition for the Manchester Town Hall renovation over historic legal, ethical and worker-safety controversies and an alleged cladding liability associated with its Green Quarter project. It was nevertheless selected for the contract in 2019.

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• 2012Government-contracting overbilling and procurement violationsControversy

  Lendlease agreed to fines and restitution after admitting a prolonged scheme involving overbilling and evasion of requirements concerning women-owned and minority-owned contractors. The matter related to federal, state, local and private clients and was described as the largest fine in New York City's history at the time.

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• 2008Deutsche Bank Building fire and safety violationsControversy

  After a fire during demolition of the Deutsche Bank Building in Manhattan killed two firefighters, Lendlease's project-management business and subcontractor John Galt Corporation faced numerous occupational-safety allegations. The case included claims that a safety checklist inaccurately indicated that a standpipe was operational.

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• 2025Lendlease sold its United Kingdom construction business

  The UK construction operation was sold to Atlas Holdings and later resumed the Bovis name.

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• 2024Lendlease announced a strategic focus on Australia

  Lendlease announced plans to simplify its structure and sell overseas operations, with a target of concentrating on its Australian business by late 2025.

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• 2022Lendlease reported a full-year loss after restructuring and impairments

  The company attributed its loss to restructuring, pandemic-related effects, asset sales and writedowns, while also reducing its workforce.

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• 2011Lendlease unified its legacy brands

  The group announced that several operating brands would be retired in favor of a unified Lendlease identity.

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• 2009Lendlease selected to develop Barangaroo

  The New South Wales Government selected Lendlease as developer for the Barangaroo waterfront regeneration project in Sydney.

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1. Lendlease
2. Lendlease corporate website