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\n Lendlease is the master developer for the redevelopment of areas around and above Euston station.\n <\/p>\n
The Crown Estate<\/a> and Lendlease<\/a> are planning a tie-up\u00a0in which they will work together to build out the latter\u2019s \u00a322B UK regeneration pipeline.\u00a0<\/p>\n The pair is in the late stages of creating a joint venture to construct what is one of the largest development portfolios in the UK, Green Street News reported<\/a>. The six projects that could be included have a total potential end value of about \u00a322B, comprising 25,000 homes and 9M SF of commercial space.\u00a0<\/p>\n Lendlease has been looking for new ways to inject capital into UK development after announcing a strategy change last year to focus on its home business in Australia.<\/p>\n Meanwhile, the \u00a316B Crown Estate\u00a0has been freed up for expansion<\/a> by new powers granted by the Treasury\u00a0allowing it to borrow for the first time in its history.\u00a0<\/p>\n The two companies have a personnel link: Crown Estate CEO Dan Labbad was Lendlease\u2019s European head until taking his current role.\u00a0<\/p>\n The six projects being discussed are:<\/p>\n Some of these schemes have other joint venture partners, and the Crown-Leadlease JV would likely raise fresh capital and bring in other partners for individual projects. But the tie-up would allow projects that have been on hold to recommence.\u00a0<\/p>\n The Crown Estate is made up of assets that are owned by the reigning British monarch and managed by an independent board.\u00a0Seventy-five percent of its profits are directed to the UK Treasury, or \u00a34.1B over the last decade, with the remainder going to the king and the royal family.<\/p>\n\n