The firm also made provisions on the A$140-million ($103-million) Bridgewater Place project in Leeds after nine weeks of high winds prevented crane operations and after subcontractor defaults. Clarke adds that none of Lend Lease's other projects were problematic. "We have no other risk-projects that aren't within the bounds of normal forecasting errors," he says
A month ago, fellow Australian property developer Multiplex warned of time and cost overruns on the A$1-billion ($750-million) Wembley Stadium development in Britain. As GlobeSt.com reported last week, that the losses had pushed the company into the red, and Multiplex revealed it would be disposing of all but its core assets.
Lend Lease is also disposing of some assets, albeit on a much smaller scale than Multiplex. The disposals come amid fears of retail underperformance, especially at the Bluewater shopping centre in Kent, where the fund has 25% ownership.
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