Integrated real estate group – Lendlease – and industrial holding company with construction sector experience – Atlas Holdings – have entered a binding agreement for the sale of Lendlease’s UK Construction business, which became effective on 31 December 2024.
Under the terms of the agreement, Atlas will acquire Lendlease’s construction business and its operations – including existing employees and leadership team, ensuring a seamless handover for clients and business partners.
Lendlease will receive a £35m ($70m) cash consideration, including £10m ($20m) deferred until June 2026, subject to completion adjustments.
Completion of the transaction is subject to conditions precedent including regulatory approvals, with completion targeted before the end of the Australian financial year in June 2025. Key contract terms remain commercial in confidence until completion of the deal.
On completion, the agreement will finalise Lendlease’s exit of its international construction operations, well ahead of the targeted 18-month timeline announced at the May 2024 strategy update.
“This transaction builds on our progress to simplify Lendlease as we look to lower our risk profile and increase securityholder returns. It also represents a positive outcome for our talented people and our valued customers and clients, marking a new chapter under the ownership of Atlas.”
Tony Lombardo, CEO, Lendlease Group
Founded in 1885 as Bovis Construction, Lendlease’s UK Construction business was acquired by Lendlease in 1999. The company has been involved in construction projects across the UK and Europe, including the rebuilding works of Regents Street in 1923, Lloyds of London’s City Head Quarters in 1980, the first phase of Canary Wharf in 1991 and 8 Bishopsgate in the City of London.
Some of Lendlease’s Build to Rent projects include Elephant Park where the first homes neared completion back in December 2020, and Park Central West which opened to residents in May 2021.
Founded in 2002, Atlas and its affiliates own and operate 26 platform companies which employ over 50,000 associates across 350 facilities worldwide. The firm’s businesses together generate revenues of approximately US$16bn annually.
Atlas and its companies are present in a variety of industries including metals, wire and cable, automotive supply, building materials, construction, power generation, food production, industrial machinery and services, packaging, printing, pulp, paper and tissue.
“We are excited to acquire one of the UK’s leading construction companies, which has a long track record of successfully delivering large complex projects for both private and public sector clients.
“We look forward to working with David Cadiot and his team continuing to build the business.”
Peter Bacon, Operating Partner, Atlas
