Lendlease Corp. Ltd.'s chief executive for international operations, Dan Labbad, told The Australian that the company intends to pursue further expansion in the U.K. despite the onset of Brexit in 2019.
Labbad said that despite some volatility around Brexit in the short term, Lendlease still believes that the U.K. will remain a robust investment destination in the medium to long term. The Dec. 26 report noted that Lendlease's planned expansions in Britain and Europe could see it double its footprint in the region by injecting some 20% of its capital.
The statements come as works continue on the construction giant's A$3.5 billion commercial project in the former Olympic park site in Stratford, London, as well as in two other multibillion-dollar urban regeneration projects being developed under partnerships with local councils, the publication noted.
According to Labbad, the developer's goal for the International Quarter development in the Olympic area is for it to become the next business district for the British capital. So far, the Australian company has developed 93,000 square meters of office space in the Stratford project, representing approximately a quarter of the 4 million square feet of commercial space that the project can yield. Upon completion, the Stratford project will house tenants including Britain's Financial Conduct Authority, Transport for London and the British Council, the paper added.
Meanwhile, in partnership with the London borough of Southwark, Lendlease is also developing the A$3.5 billion Elephant Park mixed-use project, which will comprise 3,000 homes and more than 30,000 square meters of business, retail, community and leisure space. Lendlease was also awarded the tender to develop another A$3.5 billion scheme with the Haringey Council, which will include about 5,000 new homes, of which 40% will be affordable housing.
Aside from the three projects, the developer also signed on to construct a residential scheme in Deptford worth more than A$1 billion and Google's British headquarters, The Australian added.