Property developer Lend Lease Group
(ASX:LLC) and casino operator Crown Resorts Limited
(ASX:CWN) have finalised an agreement for Barangaroo South in Sydney.
Under the deal Lend Lease will receive payments from Crown for the development rights to the land at Barangaroo South where an integrated resort will be located.
Lend Lease has also entered into a construction management contract with Crown which is worth about $1 billion to deliver the integrated resort.
The final contract sum will be subject to finalisation of the scope and the development remains subject to the New South Wales government’s planning approval.
Lend Lease Group reported a net profit of $315.3 million in the first half of the 2015 financial year.
