A Big Exit
Commercial Observer
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Lendlease, one of the biggest names in construction and development globally, is exiting the United States and the United Kingdom to focus more on its home country of Australia. Get the details, along with those of a major discount retail store acquisition.
— Tom Acitelli, Deputy Editor
Lendlease to Exit U.S. Market and Hand Over Some Operations to Consigli
Global development company Lendlease is calling it a day after 45 years of operating in the U.S. market, in a reorganization that will focus on its native Australia while positioning itself into a “lower-risk business,” the developer announced. As part of Lendlease’s exit from the country, Consigli Building Group has acquired all of Lendlease’s New York and New Jersey operations, including its employees and up to 45 Lendlease projects currently underway, Consigli announced. Terms of the acquisition were not disclosed. Lendlease will also exit the U.K. market and “recycle” $4.5 billion of capital back to its Australian operations, getting projects in both countries that are either announced or underway off its books, according to the company. It expects to collect $125 million in savings over the next 12 months as well as prioritize debt reduction and capital returns for shareholders.
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Dollar Tree Acquires Almost Half of 99 Cents Only Stores
Dollar Tree is giving more than its two cents. The discount retail brand announced the purchase of 170 storefronts previously owned by Southern California-based 99 Cents Only Stores, following the latter company’s Chapter 11 bankruptcy filing in April. The acquired retail locations span the West and Southwest, with storefronts in California, Arizona, Nevada and Texas, according to a Dollar Tree statement. “As we continue to execute on our accelerated growth strategy for the Dollar Tree brand, this was an attractive opportunity to secure leases in priority markets where we see strong profitable growth potential,” Michael Creedon Jr., Dollar Tree’s chief operating officer, said in a statement. “The portfolio complements our existing footprint and will provide us access to high-quality real estate assets in premium retail centers, enabling us to rapidly grow the Dollar Tree brand across the Western United States, reaching even more customers and communities.”
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