In a strategic shift announced this week, Australia-based developer Lendlease said it will pull out of international construction and development within the next 18 months to focus on its domestic market.

The company expects to free up about $3B by exiting international projects and selling assets, including its largest U.S. investment, the $1.2B Hayes Point tower in San Francisco.

In August, Lendlease halted construction on Hayes Point, a 47-story mixed-use tower that was originally set for completion in 2026.

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