Lend Lease has won the contract to build Sydney’s Barangaroo development, beating out Brookfield Multiplex for the $6 billion project.
The contract requires Lend Lease to make payments totalling hundreds of millions of dollars to the NSW government, and a cut of the financial success of the completed infrastructure and amenities.
The development will aim to be climate and water positive, carbon neutral and produce zero waste.
This announcement comes a week after Moody’s Investors Services and Standard & Poor’s said they may downgrade Lend Lease’s ratings to junk, due to concerns about the company’s debt levels.
Lend Lease
ASX Code: LLC
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For more on this story:
- Bloomberg: “Lend Lease wins A$6 billion development project in Sydney City”
- The Age: “Barangaroo to earn NSW govt millions”
