Lend Lease Group

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This article is about the company. For the World War II program, see Lend-Lease.
Lend Lease Corporation Limited
Type Public
Traded as ASXLLC
Industry Construction, Infrastructure and Real estate
Founded 1958 (Sydney)
Headquarters Millers Point, 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
Revenue Increase $12,208.9 million (2013) [1]
Net income Increase$553 million (2013)[1]
Employees Over 16,500 (2012)[2]
Subsidiaries {{ Lend Lease Investment Management
Lend Lease Project Management & Construction
Lend Lease Residential Development
Lend Lease Communities
Lend Lease Development
Lend Lease Infrastructure
Lend Lease Public Private Partnerships
Lend Lease Apartment
Lend Lease Venture Capital
Lend Lease Retirement}}
Website www.lendlease.com

Lend Lease Group (officially Lend Lease Corporation Limited) is a multinational property and infrastructure company headquartered in Sydney, Australia.

History[edit]

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

In 1999 the Company formed Actus Lend Lease with the acquisition of Actus Corporation's MILCON[4] and technical service construction management business, and augmented this business with professionals from Lend Lease Design and Lend Lease Development. Also in 1999 the Company acquired Bovis from P&O, which now forms Lend Lease Project Management & Construction.[5] Then in 2000 it bought AMRESCO's commercial mortgage business[6] In 2001, Lend Lease acquired Delfin Property Group (now Lend Lease Communities) for $172 million.[7] It went on to buy Crosby Homes[4] (now Lend Lease Residential Development) for circa £240 million in 2005.[8]

In 2005 the company moved its headquarters from Australia Square in Sydney to The Bond on Hickson Road.[9]

In 2009, Lend Lease Corporation acquired Babcock and Brown Communities,[10] rebranding the business as Lend Lease Primelife. At the time, this acquisition made Lend Lease Australia's largest provider of retirement villages.[11][12]

In 2010, Lend Lease announced their first foray into the consumer market with Lend Lease Solar.[10] The subsidiary was wound up in early 2011, with no explanation as to why the division had closed.[13]

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.[14]

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.

In March 2011, Lend Lease completed the acquisition of Valemus Group[4] (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.[15]

In late 2012, the Victorian Government instituted a ban on Lend Lease to tender for Government work, due to laws to prohibit "friendly deals" between building contractors and trade unions.[16]

Operations[edit]

The company operates in more than 40 countries around the world.[10] 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:

  • Lend Lease Investment Management is the largest developer of public-private defence housing in the United States. The company also owns retail assets throughout the US.
  • Lend Lease Project Management & Construction (previously Bovis Lend Lease) was the major contractor for the Ground Zero Memorial in New York,[17] in addition to a number of other major public buildings throughout the US.
  • Lend Lease 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.[18]
  • Lend Lease Project Management & Construction (previously Bovis Lend Lease) constructs significant projects for Lend Lease's Investment Management Business, and Lend Lease's Development Business. Post Construction, Lend Lease's Retail Business manage the day-to-day operations of retail assets. In Asia, Lend Lease operations throughout Singapore, Malaysia, China, Japan & Taiwan. Projects and assets include the construction of the Petronas Towers.[19]
  • Lend Lease Development - Concentrates on large scale urban regeneration in key areas. Currently, the group has secured significant urban regeneration projects in Sydney at Barangaroo South,[20] in Melbourne at Docklands, Victoria,[21] in Brisbane at the RNA Showgrounds[22] - The Green, and around Adelaide's Adelaide Oval.
  • Lend Lease Communities (previously Delfin Lend Lease) falls within Lend Lease Development, and is Australia's largest developer of Master Planned Communities. One of Lend Lease's more controversial Communities projects is their development for housing and industry of the former Australian Defense Industries (ADI) land at St Marys (Ropes Crossing & Jordan Springs)[23] in Western Sydney. Their ADI property is the largest intact area of the biodiverse and endangered plant community, the "Cumberland Plain Woodland". Some of the group's major Communities projects include Springfield Lakes, Queensland,[24] Caroline Springs, Victoria,[25] Alkimos, Western Australia[26] and Mawson Lakes, South Australia[27]
  • Lend Lease Project Management & Construction (previously Bovis Lend Lease) operates across Australia both for internal Lend Lease businesses and external clients. The Project Management & Construction Business was previously known as Civil & Civic and was successful in constructing Australia's first 5 star as built (The Bond, Sydney - Lend Lease's Global Headquarters) and 6 star as built (The Gauge Melbourne) commercial buildings. The Project Management & Construction Business has undertaken a range of significant and iconic buildings including Queensland Gallery of Modern Art, Royal Children's Hospital, Gold Coast University Hospital, ANZ Centre, Aurora Tower (Brisbane), Aurora Place (Sydney) & Sunshine Plaza (Sunshine Coast).
  • Lend Lease Retirement[28] (previously Retirement by Design and Primelife) operates Retirement Living,[28] Serviced Apartments[29] and Aged Care[30] living options across the country. In addition, Lend Lease's Retirement[12] Business is Australia's largest retirement communities developer.[31]
  • Lend Lease Investment Management owns and operates built form investments on behalf of the group and various unlisted fund investors. The business manages a number of major retain centre including Cairns Central, Sunshine Plaza, Lakeside Joondalup, Mid City Centre, and Greensborough Plaza. The Group also manages investment portfolios which include part of the Central Plaza Complex in Brisbane, and other a-grade office, retail, industrial and community development sites around the country.
  • Lend Lease Infrastructure (previously both Valemus and Bilfinger Berger Australia) is the second largest construction and engineering specialist business in Australia.[32]

Major projects undertaken by Lend Lease Infrastructure to date include:

Controversy[edit]

In 2013 Lend Lease were criticised for their involvement in proposals to enlarge a coal port terminal on the edge of the Great Barrier Reef. Proposals included dredging and the dumping of material in the sea.[46]

References[edit]

  1. ^ a b Lend Lease Annual Report 2013 http://phx.corporate-ir.net/External.File?item=UGFyZW50SUQ9MjA0NTA3fENoaWxkSUQ9LTF8VHlwZT0z&t=1
  2. ^ Lend Lease Fast Facts http://www.lendlease.com/en/Group/Lend-Lease/Worldwide/About-Us/Fast%20Facts.aspx
  3. ^ a b Lend Lease History
  4. ^ a b c "History and Achievements". Lend Lease. Retrieved 2014-04-21. 
  5. ^ Lend Lease offers Olympic work to Bovis rivals Building, 23 February 2009
  6. ^ Lend Lease completes purchase of AMRESCO Mortgage Holdings Real Estate Weekly, 5 April 2000
  7. ^ LendLease.com
  8. ^ Crosby Homes chiefs in line for £25m from sale to Lend Lease, The Times, 24 June 2005
  9. ^ Lend Lease moves as restructure starts Australian Business Intelligence, November 2001
  10. ^ a b c "About". Lend Lease. Retrieved 2014-04-21. 
  11. ^ "Retirement Living". Lend Lease. Retrieved 2014-04-21. 
  12. ^ a b "Retirement Living - Retirement Villages, Retirement Apartments, Retirement Units & Serviced Apartments | Lend Lease". Lendleaseseniorliving.com.au. 2004-04-19. Retrieved 2014-04-21. 
  13. ^ http://www.lendleasesolar.com.au
  14. ^ "Lend Lease to drop Bovis name Ι Construction Enquirer". Constructionenquirer.com. Retrieved 2014-04-21. 
  15. ^ Valemus Press Release, December 2010
  16. ^ Baillieu slaps ban on Lend Lease, December 2012
  17. ^ "National September 11 Memorial and Museum". Lend Lease. 2001-09-11. Retrieved 2014-04-21. 
  18. ^ "Lend Lease - Healthcare Development". Dascomed.com. Retrieved 2014-04-21. 
  19. ^ "The Kuala Lumpur City Centre". Lend Lease. Retrieved 2014-04-21. 
  20. ^ "Barangaroo South". Lend Lease. Retrieved 2014-04-21. 
  21. ^ http://www.lendlease.com/en/Group/Lend-Lease/Australia/Projects/Victoria-Harbour-B2B.aspx
  22. ^ "ShowgroundHill". Lend Lease. Retrieved 2014-04-21. 
  23. ^ "Jordan Springs". Lend Lease. Retrieved 2014-04-21. 
  24. ^ "Springfield Lakes". Lend Lease. Retrieved 2014-04-21. 
  25. ^ "Caroline Springs". Lend Lease. Retrieved 2014-04-21. 
  26. ^ "Projects". Lend Lease. Retrieved 2014-04-21. 
  27. ^ "Mawson Lakes". Lend Lease. Retrieved 2014-04-21. 
  28. ^ a b "Retirement Living - Retirement Villages, Retirement Apartments, Retirement Units & Serviced Apartments | Lend Lease". Lendleaseseniorliving.com.au. 2004-04-19. Retrieved 2014-04-21. 
  29. ^ "Retirement Villages | Lend Lease". Lendleaseseniorliving.com.au. Retrieved 2014-04-21. 
  30. ^ "Aged Care | Allity". Lendleaseseniorliving.com.au. Retrieved 2014-04-21. 
  31. ^ "Retirement Living - Retirement Villages, Retirement Apartments, Retirement Units & Serviced Apartments | Lend Lease". Lendleaseseniorliving.com.au. 2004-04-19. Retrieved 2014-04-21. 
  32. ^ "Valemus float slugged by market falls". The Sydney Morning Herald. 8 June 2010. Retrieved 9.06.2010. 
  33. ^ http://www.lendlease.com/en/Group/Lend-Lease/Australia/Projects/sydney-opera-house.aspx
  34. ^ "Sydney Opera House". Baulderstone.com.au. 1973-10-20. Retrieved 2014-04-21. 
  35. ^ "Anzac Bridge Sydney". Lend Lease. Retrieved 2014-04-21. 
  36. ^ ANZAC Bridge at Structurae
  37. ^ Graham Farmer Freeway - Perth Australian Tunnelling Society
  38. ^ The finalists for the 2010 Australian Construction Achievement Award
  39. ^ Clem Jones Tunnel - an engineering feat
  40. ^ "Gateway Bridge Brisbane". Lend Lease. Retrieved 2014-04-21. 
  41. ^ Brisbane's new Gateway Bridge progressing International Construction, 19 March 2010
  42. ^ [1][dead link]
  43. ^ "Army taps Lend Lease, IHG for privatization". Hotel News Now. Retrieved 24 April 2014. 
  44. ^ http://www.lendlease.com/en/Group/Lend-Lease/EMEA/Middle%20East/Projects/durrat-al-bahrain.aspx
  45. ^ "Bluewater". Lend Lease. 1999-03-16. Retrieved 2014-04-21. 
  46. ^ "Environmental activists target Lend Lease meeting over reef". Sunshine Coast Daily. 2013-11-15. Retrieved 2014-04-21. 

External links[edit]