Australian property firm LendLease lands $15 billion deal with Google
) Google to develop $15 billion worth of residential and retail space in Silicon Valley, sending the builder’s stock to a more than eight-month high.
It is also a major win for LendLease’s strategy to expand abroad, and will see it reinforce its core role as a residential developer after being hobbled by its engineering division. The announcement sent LendLease’s share price up in morning trade by as much as 5.3% to A$14.84, its highest since Nov. 8.
LendLease said it will partner Google for the next 10 to 15 years to redevelop the U.S. firm’s landholdings in Sunnyvale, San Jose and Mountain View, with work starting as early as 2021.
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