Global property group Lendlease planning a A$1.15bn (€688m) equity fundraise to shore up its balance sheet in the face of the coronavirus pandemic.

The Australia-listed firm is undertaking a fully-underwritten institutional placement of A$950m and a non-underwritten security purchase plan to eligible security holders of up to $200m.

Steve McCann, CEO Lendlease, said the equity raising, coupled with other initiatives, would give the group available liquidity of A$3.95bn to support delivery of the group’s A$112bn global development pipeline.

Its global projects include a sprawling estate planned for Google in California and a number of urban regeneration projects in London and New York.

Lendlease is reported to be planning to offer what are known as presold Lendlease apartment cash flows (PLLACes) to be packaged from apartment pre-sales at One Sydney Harbour in Sydney’s Barangaroo, to raise a further A$500m.

Along with PLLACes, Lendlease said it was progressing well with options to bring capital partners into its projects.

It said it had reached a conditional framework agreement to form a 50/50 investment partnership with a capital partner for Milan’s Milano Santa Giulia project to develop the A$4bn project over 15 years.

It plans to sell the first two office buildings to the Milan investment partnership.