The Wall Street Journal

Lendlease quits international construction to free A$4.5 billion

Lendlease quits international construction to free A$4.5 billion
(Image: Getty)
The Wall Street Journal
By Stuart Condie SYDNEY – Australian real-estate developer Lendlease plans to exit international construction amid what it called a prolonged market downturn, freeing A4.5 billion (NZ$4.8b) for capital returns, debt reduction and local growth.The property developer on Monday said it would record up to A$1.48b in charges and impairments in its current fiscal year, including goodwill write-downs against its US and UK units.Lendlease will set up a dedicated capital-release unit and plans to release up to A$2.8b in capital over the next...

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