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LENDLEASE GROUP — Capital/Financing Update 2023
Nov 2, 2023
65243_rns_2023-11-02_8211c3ef-3984-42be-a24e-e153a1bbc1c6.pdf
Capital/Financing Update
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3 November 2023
Lendlease and Google end development agreements
Lendlease and Google announced today they have mutually reached an agreement to end the Development Services Agreements of the four master-planned districts in San Jose (Downtown West), Sunnyvale (Moffett Park), and Mountain View (Middlefield Park and North Bayshore) in the San Francisco Bay area in California, collectively referred to as the San Francisco Bay Project.
The decision to end these agreements followed a comprehensive review by Google of its real estate investments, and a determination by both organisations that the existing agreements are no longer mutually beneficial given current market conditions.
As part of the decision to end these agreements, Lendlease will receive a payment in consideration for value created through the entitlement and master planning process.
Lendlease will remove the San Francisco Bay Project, which was expected to commence construction in FY26, from its development pipeline.
Lendlease and Google have enjoyed a productive and collaborative relationship in the San Francisco Bay area across the past four years.
Lendlease’s market guidance for FY24 remains unchanged with core operating ROE at the lower end of the 8%-10% range.
ENDS
FOR FURTHER INFORMATION, PLEASE CONTACT:
Investors: Media: Michael Vercoe Stephen Ellaway Head of Investor Relations Executive GM, Corporate Affairs +61 488 245 205 +61 417 851 287 [email protected] [email protected]
Authorised for lodgement by the Lendlease Group Disclosure Committee
Lendlease Corporation Limited ABN 32 000 226 228 and Lendlease Responsible Entity Limited ABN 72 122 883 185 AFS Licence 308983 as responsible entity for Lendlease Trust ABN 39 944 184 773 ARSN 128 052 595
Level 14, Tower Three, International Towers Sydney, Exchange Place, 300 Barangaroo Ave, Barangaroo NSW Australia Telephone +61 2 9236 6111 | Facsimile +61 2 9252 2192 | www.lendlease.com