The property giant has moved to simplify its business with the sale of life sciences interests in Asia, with chairman Michael Ullmer reportedly on his way out.
Lendlease has sold half of its stake in the company’s life sciences operations in Asia, simplifying its business ahead of a showdown with angry shareholders clamouring for a complete overhaul of the global property giant.of Lendlease’s complicated empire, management changes, and are manoeuvring to get a seat at the table for the company’s next phase.
The group on Friday declined to comment on the speculation, with a spokesman saying: “the board renewal process is underway and well advanced; no decisions have been made, and the market will be informed as appropriate.” “We have been equally clear that we expect the next chair of the company to be an external appointment with strong Australian property sector expertise,” the statement from Tanarra said.
Lombardo, who was the head of Lendlease’s Asian business before taking over the top job in May 2021, said on Friday that selling its life sciences interests in Asia to private equity group Warburg Pincus would unlock new opportunities for Lendlease.Under the terms of the deal, worth $147 million, Lendlease will transfer its life sciences construction operations in Asia and its life sciences investments to a new joint venture entity with Warburg Pincus.
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