Lendlease riding high

DEVELOPER and builder Lendlease is riding the global urbanisation boom, winning $10 billion of construction work since the end of June while also locking in a new $7 billion London development project.

The company yesterday said it was chasing more megaprojects across infrastructure and real estate as fiscally constrained governments turn to listed real estate companies to spark fresh activity in cities including London, Melbourne and Sydney.

It came as Lendlease reported a 9 per cent lift in net profit to $758.6 million for the year to June – in line with the company’s release of its numbers after they were accidentally exposed to the internet.

Lendlease chief Steve McCann said residential development had been a highlight, with a 20 per cent increase in completions to 5769.

The company said the market was slowing in areas, mainly Brisbane. Shares rose 0.6 per cent to $16.55 yesterday.