Lendlease has agreed terms with US construction firm Consigli Construction to sell its US East Coast construction operation, including approximately 45 current, under contract and pre-construction projects.
Lendlease said the sale was consistent with the group’s objective to divest its construction businesses in the US and UK during the next 18 months, lowering the group’s overall risk profile.
Lendlease CEO Tony Lombardo said: “Today’s announcement represents another step to simplify Lendlease to create a more focused company for securityholders. It’s the culmination of more than 12 months’ work refining our US construction activities to focus on the US East Coast where we have a clear competitive advantage.”
Anthony Consigli, CEO of Consigli Construction, described the acquisition as “a natural fit” to his group’s operations. “Consigli and Lendlease have a successful and longstanding relationship working as partners on many projects.”
“As we leverage our combined strengths, expertise, and capabilities, we’re poised to deliver heightened value to our clients with the greater ability to tackle more complex and ambitious projects,” he said.
“The Lendlease New York and New Jersey construction teams continue to execute highly desirable construction projects, particularly in the healthcare and life sciences market,” said Laura Bush, Consigli regional director, New York City Metro.
Claire Johnston, CEO, Lendlease Americas said the Lendlease team had accomplished much over the past 45 years, and this transaction was a testament to its New York office’s significant track record of successfully delivering world-class projects.
“In combining our New York construction expertise with Consigli, we will increase our value and services we can offer clients, all while continuing to deliver innovative projects for world-class hospitals, global leading pharmaceutical companies and premier New York developers,” said Steven Sommer, executive general manager and president, East Coast Construction, Lendlease Americas.“
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