Lendlease
Australian multinational real estate, construction and infrastructure group
Last updated August 25, 2026
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Overview
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.
History
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.
- 2025
UK construction business sold
[1]The UK construction business was sold to Atlas Holdings and later returned to the Bovis name.
- 2024
Australia-focused strategy announced
[1]Lendlease announced plans to exit or sell overseas operations and simplify the group around Australia.
- 2021
Tony Lombardo became group CEO
[1]Tony Lombardo succeeded Steve McCann as group chief executive.
- 2015
Single-word brand adopted
[1]The company standardized its corporate brand as the single word “Lendlease.”
- 2011
Valemus acquired and brands consolidated
[1]The group acquired Valemus and announced the retirement of several legacy brands in favor of one Lendlease identity.
- 2009
Barangaroo appointment
[1]Lendlease was selected to develop the Barangaroo waterfront precinct in Sydney.
- 2000
MLC sold to National Australia Bank
[1]Lendlease completed the sale of MLC to National Australia Bank.
- 1973
Singapore expansion
[1]Lendlease entered Singapore as part of its international growth.
- 1971
United States expansion
[1]The group expanded its operations into the United States.
- 1962
Australian stock-market listing
[1]Lendlease listed on the Australian Securities Exchange.
Products and positioning
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.
Property development
Urban regeneration and property 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 services
Construction and project management
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.
Real estate investment
Investment management
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.
Residential development
Communities and residential 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.
Controversies
2020
Curtin University construction-site collapse
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.
2020
Figtree Hill koala-habitat criticism
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.
2018
Manchester cladding and contractor controversy
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.
2012
Government-contracting overbilling and procurement violations
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.
2008
Deutsche Bank Building fire and safety violations
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.
Marketing campaigns
- 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.
Brand decisions
2024
Withdrawal from overseas operationsStrategyBackground
Lendlease concluded that its overseas businesses were reducing shareholder returns and adding structural complexity.
Action taken
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.
2021
Chief executive successionOtherBackground
After Steve McCann's tenure as group chief executive, the company selected Tony Lombardo, who had led Lendlease Asia.
Action taken
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.
2011
Unified global brand architectureStrategyBackground
Lendlease operated through a collection of acquired and legacy brands across construction, communities, retirement living and development.
Action taken
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.
2000
Sale of MLCM&ABackground
Lendlease had built MLC into a significant investment-management and financial-services business through staged acquisitions during the 1980s.
Action taken
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)
Recent events
Reported
Lendlease signs second joint-venture agreement with TRX City for land plot[3]
Lendlease signed a second joint-venture agreement with TRX City to acquire an additional 1.2-acre plot within the Tun Razak Exchange development in Kuala Lumpur.
- Unconfirmed
Reported
Lendlease and TRX City agree on additional TRX development plot[4]
Lendlease and TRX City Sdn Bhd entered into a second joint-venture agreement covering an additional 1.2-acre plot within Kuala Lumpur’s Tun Razak Exchange, planned for a mixed-use development featuring a hotel, residential and retail uses.
Reported
Lendlease and Stora Enso launch global timber partnership[5]
Lendlease and Stora Enso launched a global partnership focused on research and development of sustainable timber products, their uses in construction, and their accessibility in global markets.
Reported
Lendlease and Morgan Stanley form logistics joint venture[6]
Lendlease struck a 50/50 joint venture with an investment vehicle sponsored by Morgan Stanley Real Estate Investing to acquire a portfolio of eight logistics assets in Australia.
Reported
Lendlease announces Tony Lombardo as incoming CEO[7]
Lendlease announced Tony Lombardo's appointment as chief executive officer, effective 31 May. He is to replace Steve McCann, who plans to retire.
- Unconfirmed
Reported
Magnetar acquires Lendlease’s US renewable energy business[8]
Magnetar Capital, in partnership with the business’s Dallas-based leadership team, bought Lendlease’s North American renewable energy development business.
Reported
Lendlease launched the Podium digital property lifecycle platform[9]
Lendlease launched Podium, its first digital property lifecycle platform. The platform includes products and services for Lendlease and will also be offered as a service to the broader industry; Google Cloud is its primary cloud partner.
- Unconfirmed
Reported
Lendlease appoints China managing director[10]
Lendlease appointed Hui Ding as managing director of its China operations. He will join the Asia Leadership Team and oversee the growth of the business in China.
Reported
Lendlease launches Bernborough Ascot retirement precinct[11]
Lendlease launched Bernborough Ascot, a $270 million luxury retirement precinct under development in Brisbane's Ascot suburb.
Reported
Lendlease launches Singapore REIT IPO[12]
Lendlease launched a S$1.03 billion real estate investment trust IPO for listing on the Singapore exchange, with 13 cornerstone investors committing S$400 million.
Sources13 sources
- 1Lendleaseen.wikipedia.org
- 2Lendlease corporate websitelendlease.com
- 3Lendlease与TRX City签署第二份合资协议以取得地块sg.finance.yahoo.com
- 4Lendlease 与 TRX City 就 TRX 额外地块达成协议sbr.com.sg
- 5Lendlease与Stora Enso启动全球木材合作sbr.com.sg
- 6Lendlease与摩根士丹利成立物流合资企业afr.com
- 7Lendlease宣布任命Tony Lombardo为新任首席执行官sbr.com.sg
- 8Magnetar收购Lendlease美国可再生能源业务realassets.ipe.com
- 9Lendlease推出Podium数字化物业全生命周期平台sbr.com.sg
- 10Lendlease任命中国区董事总经理sbr.com.sg
- 11Lendlease推出Bernborough Ascot退休社区项目afr.com
- 12Lendlease启动新加坡房地产投资信托基金首次公开募股afr.com
- 13Lendlease appoints Yong Su-Lin as managing director of Malaysiatheedgemalaysia.com
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