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LENDLEASE GROUP — Interim / Quarterly Report 2016
Feb 16, 2016
65243_rns_2016-02-16_72d1f953-72d7-4fc0-af98-0f2f70437120.pdf
Interim / Quarterly Report
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17 February 2016
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2016 Half Year Results Portfolio Report
Further to Lendlease Group’s earlier announcement today, attached is the Portfolio Report.
ENDS
For further information, please contact:
Investors: Suzanne Evans Tel: 02 9236 6464 Mob: 0407 165 254
Media: Nadeena Whitby Tel: 02 9236 6865 Mob: 0467 773 032
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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 4, 30 The Bond 30 Hickson Road, Millers Point NSW 2000 Australia
Telephone +61 2 9236 6111 Facsimile +61 2 9252 2192 lendlease.com
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Portfolio Report December 2015
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
Portfolio Report
Table of Contents
| Key Portfolio Metrics | |
|---|---|
| Property Development | 1 |
| Infrastructure Development | 2 |
| Construction | 3 |
| Investment Management | 4 |
| Group Assets | 4 |
| Australia | 5 |
| Property Development | 5 |
| Infrastructure Development | 7 |
| Construction | 8 |
| Investment Management | 11 |
| Asia | 13 |
| Property Development | 13 |
| Construction | 13 |
| Investment Management | 13 |
| Europe | 15 |
| Property Development | 15 |
| Infrastructure Development | 15 |
| Construction | 16 |
| Investment Management | 17 |
| Americas | 18 |
| Property Development | 18 |
| Infrastructure Development | 19 |
| Construction | 20 |
The Portfolio Report is based on the Lendlease Group (the Group) Consolidated Financial Statements for the six months ended 31 December 2015 and should be read in conjunction with those financial statements. All currency amounts in the Portfolio Report are expressed in Australian dollars unless otherwise specified.
01
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
Key Portfolio Metrics
Property Development
| AUSTRALIA Dec 2015 June 2015 |
ASIA Dec 2015 June 2015 |
EUROPE Dec 2015 June 2015 |
AMERICAS Dec 2015 June 2015 |
TOTAL | |
|---|---|---|---|---|---|
| Dec 2015 June 2015 |
|||||
| Residential, Commercial and Healthcare Number of development projects1 no. |
28 30 |
2 2 |
13 20 |
6 7 |
49 59 |
| Backlog Units and SQM2 Residential – Land units zoned no. |
48,950 51,080 |
3,860 3,860 |
52,810 54,940 |
||
| Residential – Built-form units zoned/ unzoned3 no. |
13,830 14,890 |
2,230 2,225 |
5,285 5,315 |
3,525 3,530 |
24,870 25,960 |
| Total residential units no. |
62,780 65,970 |
2,230 2,225 |
5,285 5,315 |
7,385 7,390 |
77,680 80,900 |
| Residential land4 sqm/000s |
16 44 |
16 44 |
|||
| Commercial zoned sqm/000s4 sqm/000s |
5,117 5,182 |
369 368 |
231 311 |
387 423 |
6,104 6,284 |
| Retirement Living Villages – owned no. |
74 74 |
74 74 |
|||
| Villages – managed/leased/other no. |
4 4 |
4 4 |
|||
| Number of villages no. |
78 78 |
78 78 |
|||
| Units – owned no. |
13,083 12,981 |
13,083 12,981 |
|||
| Units – managed/leased/other no. |
1,212 1,212 |
1,212 1,212 |
|||
| Number of units5 no. |
14,295 14,193 |
14,295 14,193 |
|||
| Backlog units – zoned6 no. |
567 666 |
567 666 |
1 Where a project has multiple stages these have been combined in line with the planning process. Does not include the Mt Gilead project in Australia as the
acquisition is subject to a number of conditions including planning. Includes a number of projects where the Group is preferred bidder.
2 Backlog includes Group owned, joint venture and managed projects. The actual number of units for any particular project can vary as planning approvals are obtained.
3 Includes 20,955 zoned and 3,915 unzoned units at December 2015 (June 2015: 22,041 zoned and 3,919 unzoned units).
4 Represents net developable land in relation to master-planned urban communities, and net developable floor space for other developments. The actual land area
and floor space for any particular project can vary as planning approvals are obtained.
5 Includes 100% of Group owned and managed properties. Only includes completed units.
6 Backlog units include Group owned and managed sites. The actual number of units for any particular village can vary as planning approvals are obtained.
02
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
continued Portfolio Report
Key Portfolio Metrics continued
Infrastructure Development
| AUSTRALIA Dec 2015 June 2015 |
ASIA Dec 2015 June 2015 |
EUROPE Dec 2015 June 2015 |
AMERICAS Dec 2015 June 2015 |
TOTAL | |
|---|---|---|---|---|---|
| Dec 2015 June 2015 |
|||||
| Number of Projects1 Operational Under construction Preferred bidder |
1 1 4 4 |
1 1 1 1 1 1 |
17 17 1 |
19 19 5 5 1 2 |
|
| Total number of projects | 5 5 |
3 3 |
172 18 |
25 26 |
|
| Invested Equity A$m3 Operational Under construction Preferred bidder |
15.2 15.2 222.04 185.7 |
6.1 6.1 4.2 4.2 2.05 |
112.5 109.2 |
133.8 130.5 226.2 189.9 2.0 |
|
| Total invested equity A$m | 237.2 200.9 |
12.3 10.3 |
112.5 109.2 |
362.0 320.4 |
|
| Committed Equity A$m6 Operational Under construction Preferred bidder |
33.74 70.0 |
1.6 1.6 10.5 12.5 |
6.8 6.5 |
6.8 6.5 35.3 71.6 10.5 12.5 |
|
| Total committed equity A$m | 33.7 70.0 |
12.1 14.1 |
6.8 6.5 |
52.6 90.6 |
|
| Backlog revenue A$m | 81.8 84.7 |
481.7 467.3 |
563.5 552.0 |
1 Number of projects includes projects where the Group is preferred bidder. Where a project has multiple phases, these have been combined on completion for the
purposes of presentation. Excludes origination fee for service projects with no equity commitment or ongoing management responsibilities for the Group. The Australian Infrastructure Development projects are managed by Capella Capital.
2 PAL Lee Benning project, disclosed as preferred bidder at June 2015, reached financial close during the period to December 2015. For reporting purposes, PAL
Lee Benning project has now been included as an extension of the PAL C project.
3 Invested equity refers to the contributed equity for each project.
4 During the period to December 2015 equity investments were made in the Darling Harbour Live (A$25.1 million) and Sunshine Coast University Hospital (A$11.2 million) projects.
5 During the period a Concession Agreement was signed with the local authorities for the Treviso Hospital project in Europe. A$2.0 million of equity was invested on incorporation of the Treviso SPV.
6 Committed equity refers to equity the Group has a future commitment to invest.
03
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
Construction
| AUSTRALIA | ASIA | ASIA | EUROPE | AMERICAS | TOTAL | |
|---|---|---|---|---|---|---|
| Dec 2015 A$m Dec 2014 A$m |
Dec 2015 A$m Dec 2014 A$m |
Dec 2015 A$m Dec 2014 A$m |
Dec 2015 A$m Dec 2014 A$m |
Dec 2015 A$m Dec 2014 A$m |
||
| New work secured revenue1 Building Engineering Services |
2,052.4 1,391.6 1,145.5 1,651.5 517.1 232.1 |
48.0 38.4 14.8 28.5 |
623.7 273.3 3.2 |
1,654.0 1,033.1 |
4,378.1 2,736.4 1,160.3 1,683.2 517.1 232.1 |
|
| Total new work secured revenue | 3,715.0 3,275.2 |
62.8 66.9 |
623.7 276.5 |
1,654.0 1,033.1 |
6,055.5 4,651.7 |
|
| AUSTRALIA | ASIA | EUROPE | AMERICAS | TOTAL | ||
| Dec 2015 A$m June 2015 A$m |
Dec 2015 A$m June 2015 A$m |
Dec 2015 A$m June 2015 A$m |
Dec 2015 A$m June 2015 A$m |
Dec 2015 A$m June 2015 A$m |
||
| Backlog Revenue2 Building Engineering Services |
6,393.2 6,269.9 2,935.8 2,342.5 1,517.8 1,258.8 |
319.2 375.2 19.1 21.5 |
1,588.2 1,463.4 |
5,799.2 5,524.9 |
14,099.8 13,633.4 2,954.9 2,364.0 1,517.8 1,258.8 |
|
| Total backlog revenue | 10,846.8 9,871.2 |
338.3 396.7 |
1,588.2 1,463.4 |
5,799.2 5,524.9 |
18,572.5 17,256.2 |
|
| AUSTRALIA | ASIA | EUROPE | AMERICAS | TOTAL | ||
| Dec 2015 % Dec 20143 % |
Dec 2015 % Dec 20143 % |
Dec 2015 % Dec 20143 % |
Dec 2015 % Dec 20143 % |
Dec 2015 % Dec 20143 % |
||
| Backlog Realisation Year ending June 2016 Year ending June 2017 Post June 2017 |
30 30 38 39 32 31 |
60 52 36 44 4 4 |
41 61 51 19 8 20 |
30 31 40 35 30 34 |
31 32 40 37 29 31 |
|
| Total | 100 100 |
100 100 |
100 100 |
100 100 |
100 100 |
|
| BUILDING | ENGINEERING | SERVICES | TOTAL | |||
| Dec 2015 % |
Dec 20143 % |
Dec 2015 % Dec 20143 % |
Dec 2015 % Dec 20143 % |
Dec 2015 % Dec 20143 % |
||
| Backlog Realisation Year ending June 2016 Year ending June 2017 Post June 2017 |
35 39 26 |
24 21 41 32 35 47 |
19 30 32 29 49 41 |
31 32 40 37 29 31 |
||
| 35 | ||||||
| 40 | ||||||
| 25 | ||||||
| Total | 100 | 100 | 100 100 |
100 100 |
100 100 |
1 New work secured revenue is the total revenue to be earned from projects secured during the period.
2 Current year backlog revenue is the total revenue to be earned from projects in future financial years, based on projects secured as at 31 December 2015.
Although backlog revenue is realised over several years, the average foreign exchange rate for the current year has been applied to the closing backlog revenue balance in its entirety, as the average rates for later years cannot be predicted.
3 Prior period disclosure reflects the comparable backlog realisation and will not necessarily correspond with the periods shown above.
04
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
continued Portfolio Report
Key Portfolio Metrics continued
Investment Management
| AUSTRALIA | ASIA | EUROPE | AMERICAS | TOTAL | |
|---|---|---|---|---|---|
| Dec 2015 June 2015 |
Dec 2015 June 2015 |
Dec 2015 June 2015 |
Dec 2015 June 2015 |
Dec 2015 June 2015 |
|
| Investments Investments1(A$m) Investment income2, 3(A$m) |
771.1 814.0 16.1 21.7 |
515.3 520.2 6.5 7.5 |
75.4 76.1 3.0 1.3 |
1,361.8 1,410.3 25.6 30.5 |
|
| Funds Under Management (FUM)1 FUM at the beginning of the period Foreign exchange movement Additions Reductions Net revaluations |
13.8 10.9 0.8 3.0 (0.2) (0.8) 0.6 0.7 |
5.3 3.6 0.1 0.6 1.2 (0.1) (0.1) |
2.2 1.8 0.3 (0.6) 0.1 0.1 |
21.3 16.3 0.1 0.9 0.8 4.2 (0.8) (0.9) 0.6 0.8 |
|
| FUM (A$b) | 15.0 13.8 |
5.3 5.3 |
1.7 2.2 |
22.0 21.3 |
|
| Assets Under Management (AUM) Number of centres AUM1(A$m) GLA under management (sqm/000s)4 |
16 16 6,235.1 6,112.8 721.0 740.9 |
4 4 4,252.1 4,288.8 294.8 294.8 |
2 2 1,041.5 1,009.8 141.7 141.7 |
22 22 11,528.7 11,411.4 1,157.5 1,177.4 |
1 Represents the Group’s assessment of the market value.
2 Represents the Group’s share of income before tax, excluding revaluations (after tax for equity accounted investments), net of direct expenses. 3 December 2014 comparative.
4 Represents the gross lettable area of the centres, with the exception of Asia which represents the net lettable area of the centres.
Group Assets[1]
| AUSTRALIA | ASIA | EUROPE | AMERICAS | TOTAL | |
|---|---|---|---|---|---|
| Dec 2015 A$m June 2015 A$m |
Dec 2015 A$m June 2015 A$m |
Dec 2015 A$m June 2015 A$m |
Dec 2015 A$m June 2015 A$m |
Dec 2015 A$m June 2015 A$m |
|
| Property Development Infrastructure Development Construction Investment Management |
10,648.9 10,974.7 400.7 386.7 1,997.8 2,138.0 1,057.8 932.7 |
56.9 24.8 250.4 208.4 562.5 570.3 |
1,089.1 1,033.8 56.1 (1.4) 623.8 730.8 117.5 117.4 |
205.8 198.5 218.5 178.1 1,626.1 1,354.4 |
12,000.7 12,231.8 675.3 563.4 4,498.1 4,431.6 1,737.8 1,620.4 |
| Total segment | 14,105.2 14,432.1 |
869.8 803.5 |
1,886.5 1,880.6 |
2,050.4 1,731.0 |
18,911.9 18,847.2 |
| Corporate activities | 172.0 112.0 |
||||
| Total assets | 14,105.2 14,432.1 |
869.8 803.5 |
1,886.5 1,880.6 |
2,050.4 1,731.0 |
19,083.9 18,959.2 |
1 The foreign exchange rates applied to the Statement of Financial Position as at 31 December 2015 are A$1 = £0.49 (June 2015: A$1 = £0.49), A$1 = US$0.73 (June 2015: A$1 = US$0.77) and A$1 = S$1.03 (June 2015: A$1 = S$1.04).
05
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
Australia
Property Development
Residential and Commercial Project Listing
| Residential and Commercial Project Listing | ||
|---|---|---|
| Project Sector Location1 Ownership Interest Estimated Completion Date2 |
RESIDENTIAL Backlog Land Units3,4 Backlog Built-Form Units3,4 |
COMMERCIAL |
| Estimated Backlog sqm/000s5 |
||
| Zoned Projects Springbank Rise Communities ACT Owned (50% interest) 2016 |
10 | |
| Bingara Gorge Communities NSW Land management 2026 |
585 | 39 |
| Calderwood Valley Communities NSW Land management 2040 |
5,080 | 57 |
| St Marys – Jordan Springs6 Communities NSW Owned (100% interest) 2023 |
1,570 245 |
671 |
| The New Rouse Hill Communities NSW Land management 2017 |
90 440 |
|
| Barangaroo South Urban Regeneration NSW Staged payments (100% interest) 2023 |
615 | 291 |
| Darling Square (formerly Darling Harbour Live) Urban Regeneration NSW Staged payments (100% interest) 2021 |
1,495 |
72 |
| Fernbrooke Ridge Communities Qld Land management 2018 |
440 | |
| Rocky Springs Communities Qld Land management 2054 |
9,895 | 1,093 |
| Springfeld Lakes Communities Qld Land management 2027 |
4,565 440 |
88 |
| Stoneleigh Reserve Communities Qld Owned (100% interest) 2016 |
5 | |
| Woodlands7 Communities Qld Service agreement 2016 |
10 | |
| Yarrabilba Communities Qld Staged acquisition (100% interest) 2042 |
13,170 2,470 |
1,887 |
| Brisbane Showgrounds Urban Regeneration Qld Land Management 2025 |
2,225 | 100 |
| Subtotal zoned (carried forward) | 35,420 7,930 |
4,298 |
1 Locations are Australian Capital Territory (ACT), New South Wales (NSW) and Queensland (Qld).
2 Estimated completion date represents the expected financial year in which the last unit will be settled for master-planned communities, and the construction completion date for apartments and non residential projects.
3 Backlog includes the total number of units in Group owned, joint venture and managed projects. The actual number of units for any particular project can vary as planning approvals are obtained.
4 Backlog units do not include the Mt Gilead project in Sydney’s South West as the acquisition is subject to a number of conditions including planning.
5 Represents net developable land in relation to master-planned urban communities and net developable floor space for other developments. The actual land area and floor space for any particular project can vary as planning approvals are obtained.
6 Where a project has multiple stages these have been combined in line with the planning process.
7 Projects managed on behalf of the Lend Lease Communities Fund 1. The Group holds a 20.8% co-investment position in the fund.
06
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
continued Portfolio Report
Australia continued
Property Development continued
Residential and Commercial Project Listing continued
| Project Sector Location1 Ownership Interest Estimated Completion Date2 |
RESIDENTIAL Backlog Land Units3,4 Backlog Built-Form Units3,4 |
COMMERCIAL |
|---|---|---|
| Estimated Backlog sqm/000s5 |
||
| Subtotal zoned projects (brought forward) Blakes Crossing Communities SA Staged acquisition (100% interest) 2019 |
35,420 7,930 670 |
4,298 12 |
| Springwood Communities SA Staged acquisition 2016 |
30 | |
| Richmond Apartments Vic Owned (100% interest) 2019 |
365 | |
| Toorak Park Apartments Vic Owned (100% interest) 2018 |
470 | |
| Atherstone Communities Vic Land management 2034 |
4,060 | 80 |
| Aurora Communities Vic Owned (100% interest) 2026 |
3,120 | 177 |
| Harpley Communities Vic Land management 2025 |
3,865 | 313 |
| Laurimar Communities Vic Owned (100% interest) 2016 |
40 5 |
|
| Mayfeld Communities Vic Owned (100% interest) 2017 |
210 | |
| Melbourne Quarter Urban Regeneration Vic Land management 2021 |
930 | 120 |
| Victoria Harbour Urban Regeneration Vic Land management 2024 |
2,940 | 35 |
| Alkimos Communities WA Land management 2022 |
1,495 | 61 |
| The Assembly at Coolbellup Communites WA Land Management 2016 |
40 | |
| Waterbank Urban Regeneration WA Land management 2023 |
1,190 | 21 |
| Total zoned | 48,950 13,830 |
5,117 |
1 Locations are South Australia (SA), Victoria (Vic) and Western Australia (WA).
2 Estimated completion date represents the expected financial year in which the last unit will be settled for master-planned communities, and the construction
completion date for apartments and non residential projects.
3 Backlog includes the total number of units in Group owned, joint venture and managed projects. The actual number of units for any particular project can vary as planning approvals are obtained.
4 Backlog units do not include the Mt Gilead project in Sydney’s South West as the acquisition is subject to a number of conditions including planning.
5 Represents net developable land in relation to master-planned urban communities and net developable floor space for other developments. The actual land area and floor space for any particular project can vary as planning approvals are obtained.
07
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
Retirement Living Portfolio Summary
| Location1 | OWNED Number of Villages Units2 |
MANAGED/LEASED/OTHER Number of Villages Units2 |
TOTAL |
|---|---|---|---|
| Number of Villages Units2 Backlog Units3 |
|||
| Qld | 12 2,911 |
3 1,137 |
15 4,048 |
| NSW | 17 3,146 |
17 3,146 297 |
|
| Vic | 25 3,940 |
1 75 |
26 4,015 52 |
| SA | 3 386 |
3 386 |
|
| WA | 10 1,604 |
10 1,604 35 |
|
| ACT | 2 100 |
2 100 183 |
|
| NZ | 5 996 |
5 996 |
|
| Total retirement villages | 74 13,083 |
4 1,212 |
78 14,295 567 |
1 Locations are Queensland (Qld), New South Wales (NSW), Victoria (Vic), South Australia (SA), Western Australia (WA), Australian Capital Territory (ACT), and New Zealand (NZ).
2 Includes 100% of Group owned and managed properties. Only includes completed units.
3 Backlog units include Group owned and managed sites. The actual number of units for any particular village can vary as planning approvals are obtained.
Infrastructure Development
| Project Listing | |||||||
|---|---|---|---|---|---|---|---|
| Actual | Operational | Estimated | Invested | Committed | |||
| Financial Close | Term | Capital Spend2 | Equity3 | Equity4 | |||
| Project | Location1 | Status | Date | Years | A$m | A$m | A$m |
| Healthcare | |||||||
| Queen Elizabeth II | |||||||
| Medical Centre Car Park | WA | Operational | Jul 11 | 26 | 140 | 15.2 | |
| Sunshine Coast | Under | ||||||
| University Hospital5 | Qld | construction | Jul 12 | 25 | 1,480 | 76.0 | 7.9 |
| Under | |||||||
| New Bendigo Hospital | Vic | construction | May 13 | 25 | 630 | 31.6 | |
| Justice | |||||||
| Eastern Goldfelds | Under | ||||||
| Regional Prison | WA | construction | Dec 12 | 25 | 250 | 20.4 | |
| Mixed-Use | |||||||
| Under | |||||||
| Darling Harbour Live | NSW | construction | Dec 13 | 25 | 1,600 | 94.0 | 25.8 |
| Total | 4,100 | 237.2 | 33.7 |
1 Locations are Western Australia (WA), Queensland (Qld), Victoria (Vic) and New South Wales (NSW).
2 Represents total estimated capital spend over the contract duration.
3 Invested equity refers to the contributed equity for each project.
4 Committed equity refers to equity the Group has a future commitment to invest.
5 Excludes client provisional funding.
08
09
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
Portfolio Report continued
Australia continued
Construction
Major Projects – Building[1,2]
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Construction
Project Location [3] Client Contract Type [4] ValueA$m [5] Secured Date [6] [Completion ] Date [7] Sector Description
Commercial & Design and construction of the basement, infrastructure works, commercial office and
Barangaroo South NSW Lendlease/Barangaroo Development Authority LS 3,018 2012 2017 Residential residential buildings
Sunshine Coast University Hospital [8] Qld Queensland Health LS 1,564 2013 2017 Healthcare Design and construction of a new 738 bed hospital
Darling Harbour Live Partnership/Infrastructure NSW/ Entertainment/ Design and construction PPP contract for the redevelopment of the Sydney
ICC Sydney (Formerly Darling Harbour Live) NSW Sydney Harbour Foreshore Authority LS 1,135 2014 2017 Recreation Convention, Exhibition and Entertainment Precinct
Crown Sydney Hotel Resort NSW Crown Resorts Limited MC 1,000 2015 TBA [9] Hotel Delivery of the Crown Sydney Hotel Resort at Barangaroo South
Facilities Requirements for the New Air Combat Capability – Managing contractor for the design and delivery of the facilities required to support
RAAF Williamtown NSW Commonwealth Department of Defence MC 950 [10] 2015 2019 Defence the Joint Strike Fighter aircrafts at RAAF Williamtown New South Wales
Residential/
Hotel Design and construction of 539 apartments, a hotel, infrastructure and public realm as
Darling Square and ICC Sydney Hotel NSW Lendlease Haymarket LS/MC 801 2015 2019 Infrastructure part of the Darling Harbour redevelopment
New Bendigo Hospital Vic Victorian Government/Bendigo Health LS 630 2013 2017 Healthcare Design and construction of a new 372 bed hospital in Bendigo
Department of Planning, Transport and Infrastructure, South
Adelaide Convention Centre Redevelopment SA Australia MC 304 2011 2018 Commercial Construct only for the redevelopment and extension of the existing convention centre
Toorak Park, Armadale Vic Lendlease Development CM 208 2015 2017 Residential Construction of a 448 residential apartment development at Armadale
Campbell Barracks Redevelopment WA Commonwealth Department of Defence LS 198 2016 2019 Defence Construction of facilities and infrastructure for the Special Air Service Regiment
Monash Children’s Hospital Vic Department of Health and Human Services MC 182 2014 2017 Healthcare Managing contractor of a new 230 bed hospital
888 Collins Street Vic Lendlease Development CM 179 2015 2017 Residential Construction of a 578 residential apartment development with ground level retail
Refurbishment and construction of four buildings on the city campus of the Royal
RMIT New Academic Street Main Works Vic Royal Melbourne Institute of Technology LS 172 2016 2018 Education Melbourne Institute of Technology
889 Collins Street Vic Lendlease Development CM 171 2015 2017 Residential Construction of a 537 residential apartment development with ground level retail
Education/ Design and construction of a new University health science facility for teaching and
Adelaide Medical & Nursing School SA The University of Adelaide MC 170 2014 2017 Healthcare research
Construction of a residential development at 883 Collins Street with ground level
883 Collins Street Vic Lendlease Development CM 169 2016 2018 Residential retail and commercial
Construction of squadron, training, maintenance and storage facilities for new
HATS Delivery Phase ACT Commonwealth Government MC 138 2015 2017 Defence maritime combat helicopters
Construction of 401 Apartments in two towers with ground floor retail and basement
The Yards Qld Lendlease Development CM 120 2015 2017 Residential carparking
Palmerston Hospital NT Department of Infrastructure NT MC 106 2016 2018 Health Construction of new 116 bed hospital
----- End of picture text -----
- 1 Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure.
2 Backlog revenue as at 31 December 2015 for the projects listed totals A$5,645.3 million, representing 88% of the total backlog
-
revenue for the region in relation to Building projects.
-
3 Locations are New South Wales (NSW), Queensland (Qld), Victoria (Vic,) South Australia (SA), and Western Australia (WA) Australian Capital Territory (ACT) and Northern Territory (NT).
4 Contract types are Lump Sum (LS), Managing Contractor (MC) and Construction Management (CM).
5 Construction value represents the Group’s share of the total construction value of the project.
- 6 Secured date represents the financial year in which the project was secured.
7 Completion date represents the financial year in which the project is expected to be completed. 8 Includes client provisional funding. 9 Subject to planning approval. 10 Contract value relates to client budget.
10
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
continued Portfolio Report
Australia continued
Construction continued
Major Projects – Engineering[1,2]
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Construction
Project Location [3] Client Contract Type [4] ValueA$m [5] Secured Date [6] [Completion ] Date [7] Sector Description
North Connex M1 / NSW NorthConnex D&C 1,279 2015 2019 Roads Design and construct of the 9km
M2 Tunnel [8] Co. Pty. Ltd and twin motorway tunnels
Highways
Tintenbar to NSW NSW Roads D&C 645 2012 2016 Roads Construction of a new 16.3 kilometre
Ewingsdale, Pacific and Maritime and section of the highway, several
Highway, Northern Services Highways bridges and a 400 metre tunnel
NSW
Gateway Upgrade Qld Queensland D&C 621 2016 2018 Roads Widening 11.3 kilometres of
North Department and motorway from four to six lanes
of Transport Highways between Nudgee and Bracken Ridge,
& Main Roads upgrading the Nudgee Interchange
and widening the Deagon Deviation
to two lanes in each direction
Oxley Highway to NSW NSW Roads D&C 599 2014 2018 Roads Design and construction of 23
Kundabung, and Maritime and kilometres of upgrade works to the
Pacific Highway Services Highways highway, including major bridge
crossings across the Hastings and
Wilson Rivers
Nambucca to NSW NSW Roads D&C 552 2013 2017 Roads Design and construction of 22
Urunga, Pacific and Maritime and kilometres of dual carriageway and
Highway, Mid- Services Highways bridges
North Coast
Kingsford Smith Qld Brisbane City D&C 441 2016 2019 Roads Widening of Kingsford Smith Drive
Drive Council and from four to six lanes between
Highways Theodore Street at Eagle Farm and
Cooksley Street at Hamilton, and
improvement works between
Cooksley Street and Breakfast Creek
Road at Albion
CBD Alliance NSW NSW Roads ALL 160 2014 2016 Roads Construction of cycleways and bus
& Maritime and relocation works in the Sydney City
Services Highways Centre, construction of a pedestrian
bridge over Anzac Parade, and
installation and modification of lifts
in the Sydney Harbour Bridge
Epping to NSW Transport for ALL 147 2013 2017 Rail Construction of a third rail track
Thornleigh Third New South between Epping and Thornleigh
Track [8] Wales
Bruce Highway Qld Queensland SOR 110 2014 2017 Roads Construction of 6.5km of new
Cooroy Southern Department and northbound highway lanes to
Interchange to of Transport Highways duplicate the existing Cooroy
Cudgerie Drive & Main Roads bypass, including upgrade of the
Cooroy Southern Interchange and
new bridges over Six Miles Creek
----- End of picture text -----
1 Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure.
2 Backlog revenue as at 31 December 2015 for the projects listed totals A$2,788 million, representing 95% of the total backlog revenue for the region in relation to
Engineering projects.
3 Locations are New South Wales (NSW) and Queensland (Qld).
4 Contract types are Design and Construct (D&C), Alliance (ALL) and Schedule of Rates (SOR).
5 Construction value represents the Group’s share of the total construction value of the project.
6 Secured date represents the financial year in which the project was secured.
7 Completion date represents the financial year in which the project is expected to be completed.
8 Represents the Group’s interest in the project joint venture.
11
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
Investment Management
Investments
==> picture [518 x 204] intentionally omitted <==
----- Start of picture text -----
Lendlease Market Value [1 ] Market Value [1 ]
Interest December 2015 June 2015
Region % A$m A$m
Lend Lease International Towers Sydney Trust Australia 15.0 263.3 181.5
Australian Prime Property Fund – Commercial Australia 9.5 192.0 178.9
Craigieburn Central Australia 25.0 83.0 81.2
Australian Prime Property Fund – Industrial Australia 11.0 78.1 76.1
Lend Lease One International Towers Sydney Trust [2] Australia 12.5 62.8 191.3
Australian Prime Property Fund – Retail Australia 1.1 44.3 43.5
Lend Lease Sub Regional Retail Fund Australia 10.0 37.6 36.7
Lend Lease Real Estate Partners New Zealand Fund New Zealand 5.3 7.6 7.0
Lend Lease Core Plus Fund Australia 13.3 1.6 11.4
Lend Lease Communities Fund [1] Australia 20.8 0.6 4.1
Lend Lease Retail Partners – Australia Fund Australia 2.6 0.2 2.3
Total Investments 771.1 814.0
----- End of picture text -----
1 Represents the Group’s assessment of the market value.
2 During the period the Group divested a 25% interest Lend Lease One International Towers Sydney Trust reducing the investment held from 37.5% to 12.5% of the trust.
Funds Under Management
==> picture [518 x 209] intentionally omitted <==
----- Start of picture text -----
Market Value [1 ] Market Value [1 ]
December 2015 June 2015
Fund Fund Type Asset Class A$b A$b
Australian Prime Property Fund – Retail Core Retail 4.9 4.6
Lend Lease International Towers Sydney Trust Core Commercial 2.8 2.3
Australian Prime Property Fund – Commercial Core Commercial 2.6 2.5
Managed Investment Mandates Core Various 2.0 1.7
Lend Lease One International Towers Sydney Trust Core Commercial 1.1 0.9
Australian Prime Property Fund – Industrial Core Industrial 0.8 0.8
Lend Lease Sub Regional Retail Fund Core Retail 0.6 0.6
Lend Lease Real Estate Partners New Zealand Fund Enhanced Retail 0.2 0.2
Lend Lease Core Plus Fund [2] Core Plus Various 0.1
Lend Lease Retail Partners – Australia Fund [3] Core Plus Retail 0.1
Lend Lease Communities Fund 1 [4] Value Add Residential
Total FUM 15.0 13.8
----- End of picture text -----
1 Represents the Group’s assessment of the market value.
2 Lend Lease Core Plus Fund funds under management is A$16.5m which rounds down to 0.
3 Lend Lease Retail Partners – Australia Fund funds under management is A$14.2m which rounds down to 0.
4 Lend Lease Communities Fund 1 funds under management is A$40.7m which rounds down to 0.
12
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
continued Portfolio Report
Australia continued
Investment Management continued
Assets Under Management
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----- Start of picture text -----
Market Value [2 ] Market Value [2 ]
GLA Dec 2015 June 2015
Shopping centres Managed on behalf of sqm/000s [1] A$m A$m
Cairns Central, Qld APPF Retail 52.8
Caneland Central, Qld APPF Retail 65.6
Caroline Springs Square, Vic APPF Retail 21.0
Sunshine Plaza, Qld APPF Retail/Other joint owners 75.9
Erina Fair, NSW APPF Retail/Other joint owners 114.2
Macarthur Square, NSW APPF Retail/Other joint owners 94.6
Mid City (retail), NSW APPF Retail/Other joint owners 9.1
Lakeside Joondalup, WA APPF Retail/Other joint owners 97.4
Craigieburn Central, Vic APPF Retail/Lendlease 62.7 6,235.1 6,112.8
Menai Marketplace, NSW Lend Lease Sub Regional Retail Fund 16.5
Settlement City, NSW Lend Lease Sub Regional Retail Fund 19.4
Southlands Boulevarde, WA Lend Lease Sub Regional Retail Fund 21.4
Armadale Shopping City, WA Lend Lease Sub Regional Retail Fund 31.0
Northgate, WA Lend Lease Sub Regional Retail Fund 15.9
Barangaroo South (Retail), NSW Other owner 2.7
Watertown, WA Other owner 20.8
Total 721.0 6,235.1 6,112.8
----- End of picture text -----
1 GLA represents the gross lettable area of the centres.
2 Represents the Group’s assessment of the market value.
13
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
Asia
Property Development
| Property Development | ||||||
|---|---|---|---|---|---|---|
| Estimated | ||||||
| Ownership | Estimated | Backlog | Commercial | |||
| Interest | Completion | Built-Form | Backlog | |||
| Project | Sector | Location | % | Date1 | Units2 | sqm/000s3 |
| Zoned Projects | ||||||
| Urban | ||||||
| Paya Lebar Central | Regeneration | Singapore | 30 | 2019 | 430 | 136 |
| Urban | ||||||
| The Lifestyle Quarter at Tun Razak Exchange | Regeneration | Malaysia | 60 | 2024 | 1,800 | 233 |
| Total zoned | 2,230 | 369 |
1 Estimated completion represents the expected financial year in which the last unit will be settled for master-planned communities, and the construction
completion date for apartments and non residential projects.
2 Backlog includes the total number of units in Group owned, joint venture and managed projects. The actual number of units for any particular project can vary as planning approvals are obtained.
3 Commercial space has been disclosed based on GFA. GFA in Asia refers to the total area of the covered floor space measured between the centre line of party walls, including the thickness of external walls but excluding voids. The actual land area and floor space for any particular project can vary as planning approvals are obtained.
Construction
Major Projects[1,2]
| Construction | ||||||||
|---|---|---|---|---|---|---|---|---|
| Contract | Value4 | Secured | Completion | |||||
| Project | Location | Client | Type3 | A$m | Date5 | Date6 | Sector | Description |
| Green Field Site, new build of | ||||||||
| Cognita | 35,000m2 (GFA) Storey school | |||||||
| Cognita | Holdings | including surrounding | ||||||
| Asia | Singapore | Pte. Ltd. | D&C | 152.6 | 2015 | 2017 | Education | infrastructure |
| SoftBank | SoftBank | Design and supply of concrete | ||||||
| Fast Pole | Japan | Mobile | MC | 157.1 | 2011 | 2017 | Telecommunications | telecommunications poles |
| Early works component to | ||||||||
| design, construct and project | ||||||||
| Paya Lebar | manage a mixed use | |||||||
| Central | Roma | residential, retail and ofce | ||||||
| – Early | Central Pte. | development at Paya Lebar | ||||||
| Works | Singapore | Ltd. | GMP | 102.3 | 2015 | 2016 | Mixed Use | Central |
1 Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure.
2 Backlog revenue as at 31 December 2015 for the projects listed totals A$228.5 million, representing 68% of the total Construction backlog revenue for the region.
3 Contract type is Design and Construct (D&C), Managing Contractor (MC) and Guaranteed Maximum Price (GMP).
4 Construction value represents the Group’s share of the total construction value of the project.
5 Secured date represents the financial year in which the project was secured.+
6 Completion date represents the financial year in which the project is expected to be completed.
Investment Management
Investments
| Lendlease Interest Market Value1 Dec 2015 Market Value1 June 2015 Market Value1 Dec 2015 Market Value1 June 2015 |
Lendlease Interest Market Value1 Dec 2015 Market Value1 June 2015 Market Value1 Dec 2015 Market Value1 June 2015 |
|
|---|---|---|
| % | S$m S$m A$m A$m |
|
| Lend Lease Asian Retail Investment Fund (ARIF) ARIF 1 (313@somerset)2 ARIF 2 (Setia City Mall)3, 4 ARIF 3 (Jem)4 313@somerset2 Paya Lebar Central Joint Venture |
10.1 35.9 20.1 25.0 30.0 |
31.4 35.0 30.6 33.7 23.0 29.8 22.4 28.7 159.2 160.9 154.6 154.7 103.5 114.6 100.5 110.2 177.8 165.1 172.6 158.7 |
| Parkway Parade Partnership Limited | 4.9 | 35.6 35.6 34.6 34.2 |
| Total Investments | 530.5 541.0 515.3 520.2 |
-
1 Represents the Group’s assessment of the market value.
-
2 The Group owns 25% of the 313@somerset retail centre through its investment in CDR JV Ltd, with the remaining 75% held by ARIF 1, in which the Group holds a 10.1% interest.
3 The Group directly owns 35.9% of ARIF 2, which has a 50% ownership interest in Setia City Mall.
- 4 Capital redemptions during the period exceeded the share of profit/loss resulting in a decrease in the equity accounted investment.
14
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
continued Portfolio Report
Asia continued
Investment Management continued
Funds Under Management
| Funds Under Management | |||
|---|---|---|---|
| Fund | Fund type | Asset class Market Value1 Dec 2015 S$b Market Value1 June 2015 S$b Market Value1 Dec 2015 A$b |
Market Value1 June 2015 A$b |
| Lend Lease | Retail and | ||
| Asian Retail Investment Fund (ARIF) | Core | Commercial 2.5 2.5 2.4 |
2.4 |
| Managed Investment Mandate | Value Add | Retail and Commercial 1.3 1.3 1.3 |
1.3 |
| Parkway Parade Partnership Limited | Core Plus | Retail and Commercial 1.2 1.2 1.2 |
1.2 |
| Lend Lease | Retail and | ||
| Jem Partners Fund Limited | Core | Commercial 0.5 0.5 0.4 |
0.4 |
| Total FUM | 5.5 5.5 5.3 |
5.3 |
1 Represents the Group’s assessment of the market value.
Assets Under Management
==> picture [519 x 146] intentionally omitted <==
----- Start of picture text -----
Market Value [2] Market Value [2 ] Market Value [2 ] Market Value [2 ]
GLA [1 ] Dec 2015 June 2015 Dec 2015 June 2015
Shopping centres Managed on behalf of sqm/000s S$m S$m A$m A$m
ARIF/Lend Lease Jem Partners
Jem, Singapore Fund Limited 108.2 1,880.0 1,880.0 1,825.2 1,807.7
Parkway Parade, Parkway Parade Partnership
Singapore Limited 52.5 1,206.0 1,196.0 1,170.9 1,150.0
313@somerset,
Singapore ARIF/Lendlease 27.1 1,040.0 1,100.0 1,009.7 1,057.7
Setia City Mall,
Malaysia ARIF 107.0 253.7 284.3 246.3 273.4
Total 294.8 4,379.7 4,460.3 4,252.1 4,288.8
----- End of picture text -----
1 Represents the net lettable area of the centres.
2 Represents the Group’s assessment of the market value.
15
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
Europe
Property Development
Project Listing
| Project Listing | ||||||
|---|---|---|---|---|---|---|
| Ownership | Estimated | Backlog | Residential | Estimated | ||
| Interest | Completion | Built-Form | Land | Commercial Backlog | ||
| Project | Sector Location |
% | Date1 | Units2 | sqm/000s3 | sqm/000s3 |
| Zoned Projects | ||||||
| Elephant & Castle | Urban Regeneration London, UK | 100% | Various | 2,755 | 19 | |
| Deptford | Urban Regeneration London, UK | 100% | Various | 915 | 7 | |
| The International Quarter | Urban Regeneration London, UK | 50% | Various | 335 | 200 | |
| Wandsworth | Urban Regeneration London, UK | 100% | Various | 110 | ||
| Chiswick | Urban Regeneration London, UK | 100% | 2018 | 65 | 1 | |
| UK residential projects | Urban Regeneration Various | Various | Various | 585 | 16 | 3 |
| Total zoned | 4,765 | 16 | 230 | |||
| Unzoned Projects | ||||||
| Deptford | Urban Regeneration London, UK | 100% | Various | 215 | ||
| Chiswick | Urban Regeneration London, UK | 100% | 2018 | 75 | 1 | |
| Hungate | Urban Regeneration Regions | 50% | Various | 230 | ||
| Total unzoned | 520 | 1 | ||||
| Total Development | 5,285 | 16 | 231 |
1 Estimated completion date for built-form units represents the financial year in which the project construction is expected to be completed.
2 Backlog includes the total number of units in Group owned and joint venture projects. The actual number of units for any particular project can vary as planning approvals are obtained.
3 Represents net developable land in relation to master-planned urban communities and net developable floor space for other developments. The actual land area and floor space for any particular project can vary as planning approvals are obtained.
Infrastructure Development
| Estimated | Facilities | ||||||
|---|---|---|---|---|---|---|---|
| Constr- | Percentage of | Management | |||||
| Actual | uction | Construction | Revenue | Invested | Committed | ||
| Financial | Operat-ional | Value1 | Complete | Backlog2 | Equity3 | Equity4 | |
| Project Healthcare Majadahonda Hospital Brescia2 Treviso Hospital |
Location Status Close Date Spain Operational Apr 05 Italy Under construction Mar 11 Italy Preferred bidder Oct 16 |
Term Years 30 33 21 |
£m 168 89 99 |
% 100 90 |
£m 43.4 |
£m 3.0 2.1 1.0 |
£m 0.8 5.1 |
| Total | 356 | 43.4 | 6.1 | 5.9 |
1 Represents total construction value over the contract duration.
2 Facilities management revenue backlog disclosed is for a maximum of 10 years, although PPP contracts typically operate for a period of up to 40 years.
3 Invested equity refers to the contributed equity for each project.
4 Committed equity refers to equity the Group has a future commitment to invest.
.
16
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
continued Portfolio Report
Europe continued
Construction
==> picture [518 x 618] intentionally omitted <==
----- Start of picture text -----
Major Projects [1,2]
Constr- Constr-
uction uction Compl-
Contract Value [4 ] Value [4 ] Secured etion
Project Location Client Type [3] £m A$m Date [5] Date [6] Sector Description
Ministry of Defence UK Defence GMP 471 1,002 2003 2016 Defence Construction and upgrade of
Single Living Estates single living accommodation
Accommodation for the military across a
Modernisation Phase [2] number of locations
Rathbone Square London Great LS 198 422 2015 2017 Mixed-use Design and construction of
Portland mixed residential,
Estates plc commercial, retail and public
realm in London’s West End,
including 162 residential
apartments and 265,000
square feet of commercial
office space
Kings Gate House and London Land LS 175 371 2013 2016 Mixed-use Demolition of existing office
The Zig Zag Building Securities block and design and
plc construction of a 12 storey
commercial and retail block
and a 14 storey residential
building
North Wales Prison Wales Ministry of LS 157 334 2015 2017 Justice Design and construction of
Justice 2010 inmate super prison in
North Wales
The International London Stratford LS 138 294 2016 2018 Commercial New build 20 storey office
Quarter Building1 City building providing 500,000
Business square feet of office space
District with retail on ground floor
Limited
Elephant and Castle London Lend Lease LS 115 245 2015 2017 Residential Design and construction of
South Gardens Residential approximately 342 residential
(CG) Plc units
Beacon Barracks Midlands The GMP 97 207 2013 2016 Defence Design and construction of
England Secretary single living accommodation
of State for for the military, regimental
Defence headquarters, mess and
catering facilities and
technical workshops, and the
upgrade of the existing base’s
infrastructure
The International London SCBD LS 88 188 2014 2018 Residential Design and construction of
Quarter – Glasshouse Residential two residential towers (30
Gardens Ltd storey and 18 storey)
comprising 333 units
The International London Stratford LS 81 173 2016 2018 Commercial 10 storey office building
Quarter Building 2 City providing 267,000 square feet
Business of office space with retail
District units at ground floor
Limited
Elephant and Castle London Lend Lease LS 79 168 2013 2016 Residential Design and construction of
One The Elephant Residential 284 apartments in a 37 storey
(CG) Plc tower and a four storey
pavilion building plus shared
basement, with ground floor
retail and commercial areas
Ruskin Square Building London Stanhope LS 48 102 2015 2017 Commercial Design and construction of a
03 plc Offices new commercial office
building
----- End of picture text -----
1 Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure.
- 2 Backlog revenue as at 31 December 2015 for the projects listed totals £656.0 million, representing 88% of the total Construction backlog revenue for the region. 3 Contract types are Guaranteed Maximum Price (GMP) and Lump Sum (LS).
4 Construction value represents the Group’s share of the total construction value of the project.
5 Secured date represents the financial year in which the project was secured.
- 6 Completion date represents the financial year in which the project is expected to be completed.
17
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
Investment Management
Investments
| Investments | ||
|---|---|---|
| Lend Lease | Market Value1 Market Value1 Market Value1 Market Value1 |
|
| Interest | Dec 2015 June 2015 Dec 2015 June 2015 |
|
| % | £m £m A$m A$m |
|
| Lend Lease Retail Partnership | 4.3 | 37.0 35.2 75.4 71.8 |
| Lend Lease PFI/PPP Infrastructure Fund LP (UKIF)2 | 2.1 4.3 |
|
| Total | 37.0 37.3 75.4 76.1 |
1 Represents the Group’s assessment of the market value.
2 The Group sold its remaining 1% investment in Lend Lease PFI/PPP Infrastructure Fund LP (UKIF) along with the funds management rights during the period December 2015.
Funds Under Management
| Funds Under Management | ||
|---|---|---|
| Fund | Fund type Asset class Market Value1 Dec 2015 £b Market Value1 June 2015 £b Market Value1 Dec 2015 A$b |
Market Value1 June 2015 A$b |
| Lend Lease Retail Partnership | Core Retail 0.8 0.8 1.7 |
1.7 |
| Lend Lease PFI/PPP Infrastructure Fund | ||
| LP (UKIF)2 | Core Infrastructure 0.2 |
0.5 |
| Total FUM | 0.8 1.0 1.7 |
2.2 |
1 Represents the Group’s assessment of the market value.
2 The Group sold its remaining 1% investment in Lend Lease PFI/PPP Infrastructure Fund LP (UKIF) along with the funds management rights during the period December 2015.
Assets Under Management
| Assets Under Management | ||
|---|---|---|
| Shopping centres | Managed on behalf of GLA1 sqm/000s |
Market Value2 Dec 2015 £m Market Value2 June 20145 £m Market Value2 Dec 2015 A$m Market Value2 June 2015 A$m |
| Touchwood, Solihull | Lend Lease Retail Partnership 60.4 |
298.3 282.8 608.8 577.1 |
| Queensgate, Peterborough | IREEF Queensgate Peterborough 81.3 |
212.0 212.0 432.7 432.7 |
| Total | 141.7 | 510.3 494.8 1,041.5 1,009.8 |
1 GLA represents the gross lettable area of the centres.
2 Represents the Group’s assessment of the market value.
18
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
continued Portfolio Report
Americas
Property Development
| Project Sector Location Ownership Interest % Estimated Completion Date1 Backlog Land Units2 |
Backlog Built-Form Units2 Estimated Commercial Backlog sqm/000s3 |
|---|---|
| Zoned Projects Horizon Uptown Communities Colorado 100% 2033 3,860 |
371 |
| Covington Medical Arts Pavillion Healthcare Louisiana 100% 2014 |
5 |
| Bon Secours DePaul Medical Plaza Healthcare Virginia 100% 2015 |
9 |
| 281 Fifth Avenue Apartments New York 40% 2019 |
130 1 |
| Total zoned 3,860 |
130 386 |
| Unzoned Projects Clippership Wharf Apartments Massachusetts 100% 2021 |
480 1 |
| Riverline (previously River South) Urban Regeneration Illinois 60% 2025 |
2,915 |
| Total unzoned | 3,395 1 |
| Total Development 3,860 |
3,525 387 |
1 Estimated completion date represents the estimated financial year in which the last unit will be settled for master-planned communities and the financial year in which construction will be completed for apartments and healthcare projects.
2 The actual number of units for any particular project can vary as planning applications are obtained.
- 3 Represents expected rentable square metres. The actual floor space for any particular project can vary as planning approvals are obtained.
19
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
Infrastructure Development
| Military Housing Project Listing | Military Housing Project Listing | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Actual | Operat- | Estimated | Percentage of | |||||||
| Financial | ional | Capital | Construction | Invested | Committed | |||||
| Close | Term | Spend1 | Completed | Equity2 | Equity3 | Units Under | ||||
| Project | Location | Service | Status | Date | Years | US$m | % | US$m | US$m | Management4 |
| Air Combat | Arizona/ | |||||||||
| Command Group II | New Mexico | Air Force | Operational | Jul 07 | 50 | 224.2 | 100 | 11.0 | 2,200 | |
| North | ||||||||||
| Camp Lejeune | Carolina/ | Marine | ||||||||
| Phases 1 and 2 | New York | Corps | Operational | Oct 05 | 50 | 459.8 | 100 | 10.0 | 4,350 | |
| North | ||||||||||
| Camp Lejeune Phase | Carolina/ |
Marine | ||||||||
| 3 | New York | Corps | Operational | Nov 07 | 50 | 268.1 | 92 | 4.5 | 2,120 | |
| South | Marine | |||||||||
| Tri-Command | Carolina | Corps | Operational | Feb 03 | 50 | 140.0 | 100 | 3.3 | 1,500 | |
| Fort Campbell | Kentucky | Army | Operational | Dec 03 | 50 | 313.2 | 100 | 6.0 | 4,450 | |
| Fort Drum | New York | Army | Operational | May 05 | 50 | 504.9 | 100 | 5.0 | 4,025 | |
| Fort Hood | Texas | Army | Operational | Oct 01 | 50 | 296.0 | 100 | 6.0 | 5,900 | |
| Fort Hood Stage 3 | ||||||||||
| (Chafee Village 1) | Texas | Army | Operational | May 14 | 50 | 73.6 | 25 | |||
| Fort Knox Phase 1 | Kentucky | Army | Operational | Feb 07 | 50 | 195.5 | 99 | 3.0 | 2,350 | |
| Fort Knox Phase 2 | ||||||||||
| (Additional Scoring) | Kentucky | Army | Operational | Oct 10 | 50 | 15.6 | 97 | 35 | ||
| Hickam | Hawaii | Air Force | Operational | Feb 05 | 50 | 663.4 | 100 | 17.3 | 2,500 | |
| Island Palm | ||||||||||
| Communities | Hawaii | Army | Operational | Apr 05 | 50 | 2,166.7 | 84 | 8.0 | 7,750 | |
| PAL Groups A & B | Various | Army | Operational | Aug 09 | 50 | 213.6 | 100 | 7,450 | ||
| PAL Group C5 | Various | Army | Operational | May 13 | 50 | 380.4 | 37 | 5,050 | ||
| Colorado/ | ||||||||||
| Tri-Group | California | Air Force | Operational | Sep 07 | 50 | 235.1 | 100 | 10.9 | 1,525 | |
| Wainwright/Greely | ||||||||||
| Phase 1 | Alaska | Army | Operational | Apr 09 | 50 | 52.5 | 100 | 1,900 | ||
| Wainwright/Greely | ||||||||||
| Phase 2 | Alaska | Army | Operational | Sep 10 | 50 | 217.3 | 75 | 2.0 | ||
| Total | 6,419.9 | 82.0 | 5.0 | 53,105 |
1 Changes in estimated capital spend from prior reports reflect adjustments made to contract values, project scope changes, addition of out-year work after the
completion of the IDP and (for certain projects) the impact of contractual shared savings realised during the development period.
2 Invested equity refers to the contributed equity for each project.
3 Committed equity refers to equity the Group has a future commitment to invest.
4 Units under management are the expected number of units at the end of the initial project development period. 5 PAL Lee Benning project, disclosed as preferred bidder at June 2015, reached financial close during the period to December 2015. For reporting purposes, PAL Lee Benning project has now been included as an extension of the PAL C project.
20
HALF YEAR CONSOLIDATED FINANCIAL REPORT DECEMBER 2015 | LENDLEASE
continued Portfolio Report
Americas continued
Construction
Major Projects[1,2]
| Constr- | Constr- | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| uction | uction | ||||||||
| Contract | Value4 | Value4 | Secured | Comp- | |||||
| Project | Location | Client | Type3 | US$m | A$m | Date5 | letion Date6 | Sector | Description |
| 432 Park | New York | CIM Group | GMP | 683 | 948 | 2012 | 2016 | Mixed-use | Construction manager for a |
| Avenue | 73,000 square metre, 89 | ||||||||
| storey condominium and | |||||||||
| retail project | |||||||||
| 56 Leonard | New York | 56 Leonard LLC | GMP | 383 | 531 | 2012 | 2017 | Residential | Construction manager for a |
| Avenue | 42,000 square metre, 60 | ||||||||
| storey residential building | |||||||||
| with 146 units | |||||||||
| LUMINA | San | Tishman Speyer | GMP | 369 | 513 | 2013 | 2016 | Residential | Construction manager for |
| Francisco | 655 condominium units in | ||||||||
| two towers (37 and 42 | |||||||||
| storeys, respectively) and | |||||||||
| two nine storey residential | |||||||||
| buildings | |||||||||
| 252 East 57th | New York | World Wide | GMP | 357 | 496 | 2014 | 2016 | Mixed-use | Construction manager for a |
| Street | Holdings | 51 storey high rise luxury | |||||||
| condominium tower, | |||||||||
| consisting of 31 | |||||||||
| condominiums units and 8 | |||||||||
| staf quarters | |||||||||
| 520 Park | New York | Zeckendorf | GMP | 288 | 400 | 2014 | 2018 | Ofce | Construction of 125,000 |
| Avenue | Development | square metres, 53 storey | |||||||
| LLC | ofce tower and garage built | ||||||||
| over an existing podium | |||||||||
| Riverpoint | Chicago | Riverpoint LLC | GMP | 235 | 326 | 2015 | 2017 | Ofce | Construction of 125,000 |
| (Hines) | square metres, 53 storey | ||||||||
| ofce tower and garage built | |||||||||
| over an existing podium | |||||||||
| 400 Park | New York | ET 500 PAS LLC | GMP | 214 | 298 | 2012 | 2016 | Residential | Construction manager for a |
| Avenue South | (JV) | 43 storey residential project, | |||||||
| split between condominiums | |||||||||
| and apartments | |||||||||
| Biological | Boston | Bristol Myers | GMP | 181 | 251 | 2014 | 2016 | Pharmaceutical | Construction manager for a |
| development | Squibb | 22,300 square metre | |||||||
| and clinical | biological development | ||||||||
| manufacturing | building and a 12,100 square | ||||||||
| buildings | metre clinical manufacturing | ||||||||
| building | |||||||||
| 9 W Walton | Chicago | 9 West Walton | GMP | 134 | 186 | 2015 | 2018 | Residential | Construction of 35 storey |
| Condominium | condominium building | ||||||||
| Developer LLC | |||||||||
| Brodsky City | New York | The Brodsky | CM | 134 | 185 | 2014 | 2016 | Residential | Construction manager for a |
| Point Tower 2 | Organization | 33 storey reinforced | |||||||
| concrete residential tower |
- 1 Disclosure of major projects is subject to client approval. This could impact the projects available for disclosure.
2 Backlog revenue as at 31 December 2015 for the projects listed totals US$698.5 million, representing 17% of the total Construction backlog revenue for the region.
3 Contract types are Guaranteed Maximum Price (GMP) and Construction Management (CM).
4 Construction value represents the Group’s share of the total construction value of the project.
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5 Secured date represents the financial year in which the project was secured.
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6 Completion date represents the financial year in which the project is expected to be completed.