Posts Tagged ‘Lendlease’

ASX Company News: LendLease Acquires Abigroup, Baulderstone and Conneq

Wednesday, December 22nd, 2010

Lend Lease (LLC)  announced that it has entered into an agreement with Bilfinger Berger SE to acquire 100% of Valemus Australia, the parent company of Abigroup, Baulderstone and Conneq, for a purchase price of A$960 million.

The Valemus businesses are leading providers of services in the engineering, construction, residential and non residential building, and engineering services markets in Australia. The acquisition of Valemus will increase Lend Lease’s capabilities and activities in the engineering and construction market and diversify Lend Lease’s position in this sector. The acquisition is consistent with Lend Lease’s strategic direction and focus on the key growth trends that underpin long term demand for property, including infrastructure and public private partnerships.

Valemus provides an excellent platform for Lend Lease to expand its capabilities with a significant presence in the road, rail, social infrastructure, commercial and industrial building sectors with operations diversified across engineering, construction and services; an extensive government client base across federal and state governments; in excess of 150 contracts currently in hand; secured future revenue in excess of A$5 billion; and strong depth of senior management experience with a positive cultural fit with Lend  Lease’s existing business.

The acquisition will be funded from existing Lend Lease cash reserves and a new five year A$225 million debt facility. Lend Lease’s gearing post the acquisition is expected to be approximately 5.8% taking account of the significant Valemus cash balance of A$539 million as at 30 September 2010. Lend Lease will continue to maintain significant capacity to deliver on its existing pipeline.

Lend Lease Group Chief Executive Officer and Managing Director, Steve McCann, said the  acquisition of Valemus provides Lend Lease with an excellent strategic platform in the engineering and construction market in Australia. “Valemus has a highly successful and experienced management team with diverse sector expertise that will add to the depth of our Australian management and broaden our skill set in the construction sector. Valemus has in excess of A$5 billion in total secured revenue with an extensive pipeline of further opportunities and a high proportion of Government customers,” said Mr McCann.

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Lend Lease Wins $250 million Catholic School Project

Tuesday, August 4th, 2009

Lend Lease Corporation Limited (LLC) today announced that its subsidiary, Bovis Lend Lease Pty Ltd has been appointed Managing Contractor by the Catholic Archdiocese of Sydney for the programed rollout of new facilities and refurbishments across 110 Catholic schools in the Sydney Archdiocese. The Building Education Revolution contract is valued at A$250 million, which takes the value of Bovis Lend Lease’s education infrastructure projects in progress to over A$1 billion. The works are part of the Australian Government’s A$42 billion Nation Building – Economic Stimulus Plan and are scheduled for completion in March 2011.

Bovis Lend Lease Australia Chief Executive Officer, Mr Tony Costantino, said the strength of the company’s integrated program management model will ensure the quality and timeliness of the project’s delivery. “Our knowledge and experience in the rollout of capital works programs across multiple locations consistently delivers cost efficiencies that add value to our clients’ projects. We are proud to deliver this significant education infrastructure project that will benefit students and teachers well into the future,” Mr Costantino said. “Throughout the delivery program we will focus on upgrading skills and trades at a local level, creating a significant number of local jobs for the long term benefit of these communities,” he added.

The contract win follows Bovis Lend Lease’s recent appointment as Managing Contractor of two contracts for primary schools with the Department of Commerce, on behalf of the NSW Department of Education and Training. These two contracts have a combined value of A$675 million. Bovis Lend Lease is responsible for the design and construction of new facilities and refurbishment of 380 primary schools in New South Wales and is also the managing contractor for the upgrade of approximately 600 science laboratories across 105 schools in the state.

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Lendlease to Supply Sydney Water

Monday, June 1st, 2009

Lend Lease Corporation Limited (LLC) announced its subsidiary,Bovis Lend Lease Pty Limited, as part of the Momentum consortium which includes CLM Infrastructure and Veolia Water Network Services,has been appointed to deliver the A$900 million Sydney Water Watermains Program.

The program, which has a contract value of circa A$340 million for Bovis Lend Lease, will commence on 1 July 2009 and will extend for an initial four-year period with a further three-year option. The Momentum consortium will be responsible for a significant proportion of Sydney Water’s planned capital works program, including replacing pipes in areas which have a history of leaks and breaks in order to ensure the reliability and efficiency of the water network. The consortium will be involved in all aspects of design and programme management, including planning, design, construction and contract management.

Bovis Lend Lease Australia Chief Executive Officer, Mr Tony Costantino, said: “Bovis Lend Lease’s ability to work with alliance partners to deliver complex projects, combined with our expertise in program management, safety, water and wastewater infrastructure, were key factors in being appointed. The contract to deliver the Sydney Water Watermains Program adds to our portfolio of work in the water infrastructure sector and builds on Bovis Lend Lease’s long standing relationship with Sydney Water, the New South Wales Government and our alliance partners,” he added.

www.lendlease.com.au

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Lendlease to Develop RNA EkkA Showgrounds

Thursday, May 14th, 2009

Lend Lease Corporation Limited (LLC) today announced that its subsidiary, Lend Lease Development Pty Ltd has been selected by the Royal National Agricultural and Industrial Association of Queensland (RNA) as preferred respondent to develop the EkkA Showgrounds.  The project is to be staged over the next 15 years and has a projected value of approximately A$2.5 billion. Working with the RNA, Lend Lease will rebuild the RNA amenities into exhibition and showground facilities for the Brisbane EkkA, Queensland’s largest annual event, while also developing part of the 22 hectares for an inner-city mixed-use development. The development is one of Brisbane’s largest urban renewal projects and will include a mix of residential, commercial, retail, and cultural facilities.  The development will be delivered via Lend Lease’s integrated model led by Lend Lease Development with Bovis Lend Lease responsible for the project management, design management and construction.

David Hutton, COO of Lend Lease APAC, said Lend Lease is honored to be working with the RNA and the Queensland State Government to achieve the full potential of this historic and iconic site. “The site represents a major opportunity for the RNA to make the EkkA event and its contribution to the Queensland economy even more spectacular. 

The development is expected to generate significant private investment into the Queensland economy, attract new business to the region and generate new employment opportunities. Importantly it will also ensure the long term success of the EkkA, the RNA, and its many annual events, which are so important to the people and culture of Queensland. The announcement as preferred respondent means Lend Lease will now work with the RNA exclusively in order to finalize terms and conclude a Project Development Agreement over the coming months which will see Lend Lease as the Master Developer of the site for the delivery of the buildings and RNA facilities. 

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LendLease to Upgrade 380 Schools

Monday, April 20th, 2009

Lend Lease Corporation Limited today announced that its subsidiary, Bovis Lend Lease Pty Limited had been awarded 2 of the New South Wales Building Education Revolution contracts for the upgrade of 380 government schools. The projects are part of the Commonwealth Government’s Nation Building – Economic Stimulus Plan and have a combined contract value of A$675 million. The 2 government schools contracts are with the Department of Commerce on behalf of the NSW Department of Education and Training. As Managing Contractor, Bovis Lend Lease will be responsible for the design and construction of new facilities and refurbishments in the Northern Sydney region (130 schools in a contract valued A$275 million) and in the Hunter and Central Coast region (250 schools in a contract valued A$400 million). The 20 month programme commences this month and ends n December 2010.  The scope of the work required to complete these education infrastructure projects will result in significant local employment opportunities. 

Bovis Lend Lease has a strong track record in delivering multiple location education projects. The company was the design and contractor for approximately 300 new preparatory schools in Queensland and is currently managing contractor for the upgrade of approximately 600science laboratories across 105 schools in New South Wales. 

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