Business · Companies · 9 hrs ago
Lendlease ends planned sale of its Santa Giulia stake to Bizzi
Lendlease has ended its sale agreement with Bizzi & Partners for part of the Milano Santa Giulia development in Milan.
The Australian property group had planned to sell its 17.6% stake in the mixed-use MSG North project to the Italian developer.
Lendlease will no longer receive the expected A$90 million in cash, about €55 million, in the first half of its 2027 financial year.
The company says it is considering alternative deals for the project.
If it does not complete one by 31 December 2026, it may have to meet project obligations worth about A$160 million, roughly €100 million, in the first half of that financial year.
The deal had already been delayed after some preliminary conditions were not met, and the latest announcement indicates the sale to Bizzi will not proceed.
Lendlease has ended its agreement to sell its stake in the Milan Santa Giulia North project to Bizzi & Partners.
The sale would have brought Lendlease about 90 million Australian dollars, or about 55 million euros, in cash.
Lendlease is considering alternative transactions for the project.
If no alternative transaction is completed by 31 December 2026, Lendlease may have to meet project obligations of about 160 million dollars.
- Who
- Lendlease and Bizzi & Partners.
- What
- Lendlease ended an agreement to sell its 17.6% stake in development rights for the MSG North project to Bizzi.
- When
- Lendlease announced the termination on 9 November 2026.
- Where
- The project is in Milan, Italy.
- Why
- The sources do not state a specific reason for ending the deal. Earlier, the parties had extended deadlines after preliminary conditions were not met.
This story does not have two clearly opposing sides.
Lendlease said unspecified preliminary conditions for completing the deal had not been met, and the parties extended the deadline to 15 October.
The parties announced a further extension, to 18 December.
Lendlease announced that it had terminated the sale agreement with Bizzi & Partners.
Deadline by which Lendlease says an alternative transaction must be completed to avoid likely project obligations of about 160 million dollars.
- Stake
- 17.6% of the project
- Expected cash proceeds
- About 90 million Australian dollars, or about 55 million euros
- Project
- MSG North, part of Milan Santa Giulia in Milan, Italy
- Potential obligations
- About 160 million dollars, or about 100 million euros
- Alternative transaction deadline
- 31 December 2026
2 sources
What people are saying
Lendlease is considering alternative transactions for the MSG North project
if an alternative transaction is not completed by 31 December 2026, Lendlease is likely to have to meet project obligations of about 160 million dollars in the first half of fiscal year 2027