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LONDON-Multiplex is considering pulling out of several multibillion-pound projects in the UK, including one critical to Britain’s Olympic bid. Chief executive Andrew Roberts last week told analysts that Multiplex plans to “rebalance” its UK development opportunities to “consolidate and focus on internally originated opportunities” and to sell off any non-core assets.

A company spokesman added: “The strategy is one of recycling capital. The development portfolio will be rationalized to leave the projects that allow the taking of profits earlier.”

The latest developments have been prompted by growing losses on the construction of London’s new Wembley Stadium, also part of the Olympic bid. News of the losses spooked the market and shares have crashed in Sydney, prompting concerns among analysts over Multiplex’s ability to raise capital to fund the euro 6.7 billion ($8.2 billion) of planned UK developments.

One analyst said they were looking very closely at Stratford City, the euro 5.9-billion ($7.3-billion) East London development and cornerstone of the capital’s 2012 Olympic bid, in which Multiplex has a 25% stake. But a decision is unlikely before the Olympic city is announced in July.

Also in question is the euro 3.6-billion ($4.3-billion) Cricklewood project and Elephant & Castle bid, where the company has made the final shortlist for the euro 2.2-billion ($2.7-billion) redevelopment in SE1. Doubts are now surfacing about whether Multiplex will continue bidding.

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