Australian property developer Lendlease has more than $20 billion in its European project pipeline, according to the company’s recent ASX announcement.
The development and construction giant revealed the scope of its European activity during an investor tour of its key sites in Milan and London.
The company, which first expanded into Europe in 1965, has a European pipeline which makes up about 35 per cent of its overall forward workbook.
Lendlease recently beat out international rivals to secure the $7 billion contract to develop Euston rail station. The multi-billion project marks one of six major urbanisation projects being carried out by Lendlease in London and Milan.
Two major projects in Milan, include the Milano Santa Giulia a $3.5 billion mixed use development including residential, office, retail and leisure facilities near the city’s central business district.
Dubbed as one of Europe’s largest regeneration projects, the development was secured in 2018 and expects to be completed by 2035.
The second is the Milano Innovation District, a 100-hectare mixed-use site with up to $3 billion total estimated end value.
Lendlease invests about 14 per cent of its capital in Europe with aims to increase this to 20 per cent.
Related reading: 13 Multi-Billion Dollar Urban Renewal Projects
Lendlease is looking to extend its residential for rent capabilities in London after launching a $2.6 billion partnership with the Canadian Pension Plan Investment Board (CPPIB) earlier this year.
The property giant and CPPIB announced their partnership after an initial investment of $450 million in the development of build-to-rent accommodation in London’s Elephant and Castle neighbourhood.
Related reading: Lendlease, Morgan Sindall Vie for $7bn London Regeneration Project
Other London projects include The Timberyard, Deptford, a $1.1 billion end value project and the $1.9 billion High Road West project.
Lendlease is the preferred partner on the $7 billion Haringey Development Vehicle, a 50/50 partnership between Haringey Council and the property giant to develop some of council's land.
The renewal project in north London stalled earlier this year due to fierce activist opposition which labelled the project “social cleansing”.
Main image: Lendlease's $3.5 billion Milano Santa Giulia project.