The JV includes projects such as Stratford Cross, Euston Station and Birmingham Smithfield. Lendlease will remain responsible for managing the developments while the Crown Estate will provide funding.
According to Lendlease, the deal is expected to provide economic, social and environmental benefits including around 26,000 new homes and more than 900,000 sq m of prime office and life-sciences space.
Lendlease chief executive Tony Lombardo said: 鈥淭his partnership will create an industry leading alliance that is expected to unlock value within our high-quality UK development portfolio while accelerating the release of capital for the Group.聽
鈥淲ith our expertise in delivering city-shaping urban regeneration projects, the joint venture aims to deliver positive outcomes for our securityholders, communities and partners. 鈥淪ince announcing our refreshed strategy in May last year, we have made strong progress to simplify the Group, reduce our risk profile, and recycle capital to be a more focused organisation.
聽鈥淲hile we have completed or announced $2.5bn of capital recycling initiatives, achieved our cost out target and exited international construction, we have also grown our network of global capital partners. The Group is well positioned for future performance and growth for our securityholders.鈥�
The deal with the Crown Estate forms part of Lendlease鈥檚 plan to divest of international assets and concentrate on its home market in Australia.
In April this year it completed the sale of its UK construction business to US industrial conglomerate, Atlas Holdings for 拢35m. The business has since reverted to its old brand name of Bovis.
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