"Lend Lease is very proud of its continuing association with BP," says Lend Lease CEO Murray Coleman. "The commitment that both BP and Lend Lease bring to the relationship enables increased capital productivity and efficiency, helping BP to develop its retail offer."
As part of the five-year contract Lend Lease will "work on a fee related to turnover under management," according to a release. " In line with previous contracts, the relationship will continue to be based upon a balanced scorecard approach, with profits earned by Bovis Lend Lease dependent on performance against agreed BP business objectives."
Prior to this contract, Lend Lease has managed roughly $575 million build spend per year across the globe. For BP it has provided yearly savings of $35 million.
"Lend Lease's international presence, unrivaled knowledge base and diverse experience from across our businesses means we can deliver market-leading solutions to meet clients' demands on all aspects of property management and construction services including those for large multi-site programs of this scale," Coleman says.
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