Lend Lease Corporation

Lend Lease Corporation Limited is an Australian-based multinational property management and investment company. It was formed in 1951 as "Civil and Civic contractors", an Australian subsidiary of the Dutch building company Bredero's. The present corporate structure began in 1958 with a listing on the Australian Stock Exchange and a change to the current name; Civil and Civic retained a large stake in the new, floated corporation, but was bought out by Lend Lease itself in 1961.

The company operates in more than 40 countries around the world. In all of these, the Bovis Lend Lease division constructs and manages large building projects. Amongst its many commercial projects, the company was involved in the construction of major public buildings such as the Sydney Opera House and Melbourne Park. The company runs additional businesses in certain markets:

• In the Asia-Pacific region the company runs investment fund manager MLC, one of the largest fund managers in Australia. It also owns the Delfin residential property development group, a major Australian residential property developer mainly concentrating on outer-suburban greenfields suburbs.

• Lend Lease also operates a retail development investment business in the UK, the third largest in that market, and is a developer of retail properties in its own right. It also conducts many "public-private partnership" developments with the UK government, particularly concentrating on hospital and defence housing estate developments.

• In the United States, Lend Lease is involved in the development of defence housing through US government privatization initiatives in this area.

The current Chief Executive Officer is Greg Clarke , a former head of British telecommunications firm Cable and Wireless who took up the position in December 2002. The chairman of the board of directors is David Crawford , formerly the head of KPMG Australia and a director of a number of other companies.

Lend Lease has just over 9,000 employees worldwide. It made an after-tax operating profit of $237 million AUD in 2003-04, and has a market capitalization of about $4.1 billion, and manages about $19.6 billion AUD in assets.

As of November 2004, Lend Lease had made a bid for large Australian property trust General Property Trust .

External link

• Lend Lease corporate site - source of most material for this article