Lend Lease bags an A$2.7B elephant

Investors reacted enthusiastically to Lend Lease’s (ASX:LLC) announcement today that its subsidiary, Lend Lease Europe Limited, has agreed Heads of Terms with the London Borough of Southwark for an A$2.7 billion regeneration of Elephant & Castle.

The project is one of the most significant schemes of its type in Europe, with over 300,000 square metres of new build, mixed-use development, together with major infrastructure improvements and a range of enhanced community facilities. The location, within two miles of London’s West End, is unrivalled for a development of this scale.

The news helped drive Lendlease shares up by almost 9% today to close at $9.81, and traded as high as $9.93 during the day.