Lendlease Group & Google Conclude Development Deals

Lendlease Group (ASX: LLC) and Google have mutually agreed to terminate their Development Services Agreements for the San Francisco Bay Project. This decision comes after a comprehensive review by Google of its real estate investments and the determination by both organizations that the current agreements are no longer mutually beneficial due to market conditions. In conclusion, Lendlease will receive compensation for its work in entitlement and master planning.

Consequently, the San Francisco Bay Project, originally set to start construction in FY26, will be removed from Lendlease's development pipeline. Despite this change, the companies have had a productive and collaborative relationship in the San Francisco Bay area over the past four years. Lendlease's market guidance for FY24 remains consistent, with a core operating return on equity (ROE) expected to be at the lower end of the 8%-10% range.

Customer Notice:

Nextgen Global Services Pty Ltd trading as Kapitales Research (ABN 89 652 632 561) is a Corporate Authorised Representative (CAR No. 1293674) of Enva Australia Pty Ltd (AFSL 424494). The information contained in this website is general information only. Any advice is general advice only. No consideration has been given or will be given to the individual investment objectives, financial situation or needs of any particular person. The decision to invest or trade and the method selected is a personal decision and involves an inherent level of risk, and you must undertake your own investigations and obtain your own advice regarding the suitability of this product for your circumstances. Please be aware that all trading activity is subject to both profit & loss and may not be suitable for you. The past performance of this product is not and should not be taken as an indication of future performance.

Kapitales Research, Level 13, Suite 1A, 465 Victoria Ave, Chatswood, NSW 2067, Australia | 1800 005 780 | info@kapitales.com