Lend Lease leads the way in property development, investment, and construction. Founded in 1958, the company has grown from a one-stop Australian financial services and real estate company to a global property giant. It specializes in construction through main subsidiary Bovis Lend Lease, which built the Olympic Village for the 2000 Games in Sydney and has been tapped to build another village for the 2012 games in London, as well as real estate financing. Its development arm owns a portfolio of shopping centers around the world and develops large scale residential communities such as Elephant & Castle in London. Key markets include the Asia/Pacific region, Europe, and the Americas.
Bovis Lend Lease is the company's core construction arm. It provides construction and project management services in about 40 countries worldwide. Bovis is expected to benefit from an increase in the renovation of city infrastructure and government buildings in the UK. Another of the company's more recent ventures is the construction of private housing for the US Army. Its Actus Lend Lease unit is heading up the project.
The group has increased its interest in senior living and retirement communities. In 2009 Lend Lease acquired a 43% stake in senior housing trust Babcock & Brown Communities -- since renamed Lend Lease Primelife Trust -- from troubled investment firm Babcock & Brown; it later acquired the unit outright. Lend Lease intends to build Primelife's leading position in the retirement community sector: Lend Lease Primelife operates some 90 villages and communities (about 10,000 individual units) in Australia and New Zealand and expects to develop more than 2,000 new units over the next half-dozen years.
Lend Lease has made other deals that signal a turnaround from the depressed construction and property markets. In late 2010, it agreed to buy the Australian business of German construction firm Bilfinger Berger for A$960 million ($954 million). As part of a consortium, Lend Lease bought a portfolio of 14 property assets from the unlisted ING Retail Property Fund in 2009. It also won a bid to develop the Barangaroo urban regeneration project in Sydney.
In 2011 Lend Lease acquired The DASCO Companies, which specializes in health care real estate in the US. The new company, called Lend Lease (US) Healthcare Development, will focus on developing, financing, leasing, and managing acute care facilities and other health care properties. The health care industry in the US is a growing market as the population ages and new medical technologies become available. – less