Lendlease chief executive Nick O’Neil has six weeks to secure a sale of the company’s Milano Santa Giulia North mixed-use project in Italy, or the struggling company will be saddled with an extra $160 million in costs after an initial deal to divest the development fell through.
ASX-listed Lendlease said on Monday a plan to sell its 17.6 per cent stake in the project to Italian developer Bizzi & Partners and a group of investors had been terminated. The company in June called the project “commercially challenged”.
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