Lendlease (ASX:LLC) responds to Melbourne Metro media reports

The real estate giant Lendlease Group (ASX:LLC) has responded to the leaked documents of cost invasions and construction delays on the $11 billion worth of Melbourne Metro Rail project.

There were classified government reports leaked to a newspaper that revealed the disagreement between the Cross Yarra Partnership Consortium (CYP) led by Lendlease and the state government on projected $3.3 billion cost blowout and considerable delays.

On 13 November, the company, via an ASX announcement declared that the quiet and sensitive discussions between the parties to ratify revising documents are ongoing and likely to be finalised in the upcoming weeks.

LLC also stated that in June 2020, CYP signed a Commercial Principles Deed with the government of Victoria according to which agreement was established for some non-binding principles to solve the issues regarding the project.

Meanwhile, the LLC stock closed at $14.280 along with a market cap of $9.91 billion.

 

 

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