Markets Live, Monday 4 January, 2021
Multi-billion dollar global infrastructure firm Lendlease – in partnership with Aware Super – has secured a 3.5-acre transit-oriented site in Los Angeles for $92 million. The two organisations each hold a 50 per cent stake interest in the plot, which they say could rise to $600 million in value.
The 500,000-square-feet, mid-rise project will feature world-class architecture in close proximity to the rapidly growing Culver City submarket.
It will include 260 multi-family residential units, 250,000-square-feet of creative office space andground-floor retail.
This project marks Lendlease’s, and the partnership’s, first development in LA. The ASX-listed company said it was further evidence of its skillset in identifying attractive, market- advantageous development opportunities that are ripe for transformation and value conversion.
The land will have an estimated end value of $600 million upon completion.
Shares in Lendlease were up 2.1 per cent at $13.37 at lunchtime on Monday.