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10 December 1999
Bovis Lend Lease - A New Brand Name with a Global Reputation
(New York) Bovis Lend Lease is to be the name of the new world-wide construction and project management company created by the acquisition of the Bovis Group by Lend Lease Corporation.
The new company combines Bovis' 5,500 staff and operations in 38 countries with Lend Lease Projects' 1,200 staff, based largely in Australia and South East Asia.
Globally, Bovis Lend Lease is currently managing £14.5 billion (US $23.1 billion) of projects, ranging from the expansion of Sydney International Airport and the city's Olympic Village to the Toyota Yaris factory in Valencienne, France, the Scottish Parliament Building in Edinburgh and the new US Grand Prix circuit in Indianapolis.
Trading as Bovis Lend Lease, the company's logo will now feature the Lend Lease canopy symbol in blue over a black Bovis and blue Lend Lease.
"Undoubtedly the Bovis hummingbird helped establish Bovis as a global brand name and that international presence and capability were the qualities that made Bovis such an attractive prospect to us," said Lend Lease Corporation CEO David Higgins.
"However, the Lend Lease canopy is the most appropriate symbol for the company's future role, because, by integrating Bovis with Lend Lease Projects, the combined business will be able to provide a complete service spanning the entire project lifecycle."
"Its aim is to be the best knowledge-based service provider to the world's real estate and infrastructure industries, employing the latest and the finest technical and managerial skills to add value to the projects it manages and so achieve appropriately higher profitability."
On a world-wide basis, the Lend Lease Group operates on five continents. In addition to project management and construction, the group also operates in the areas of real estate funds management and property development. Financial services activities include funds management, life insurance and wealth protection. Total fund under management and administration for the group total in excess of £34 billion (US$56 billion), with over £23 billion (US$38 billion) in property assets under management. Lend Lease's global real estate investment management ranks as one of the largest in the world. Lend Lease Corporation's market capitalisation is approximately £3.7 billion (US$6 billion).
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Contact: Mary Costello, (212) 592-6946,
mary.costello@bovis.com
Andrew Bond, 0208 271 8000 (London)
AUSTRALIAN MEDIA RELEASE
Bovis Lend Lease is to be the name of the new worldwide project management and construction company created by the acquisition of the Bovis Group by Lend Lease Corporation.
The new company combines Bovis' 5500 employees and operations in 38 countries with Lend Lease Projects' 1200 employees, based largely in Australia and South East Asia.
Globally, Bovis Lend Lease is currently managing A$37 billion of projects, ranging from the expansion of Sydney International Airport and the city's Olympic Village to the Toyota Yaris factory in Valencienne, France, the Scottish Parliament Building in Edinburgh and the new US Grand Prix circuit in Indianapolis.
Trading as Bovis Lend Lease, the company's logo will feature the Lend Lease canopy symbol in blue over a black Bovis and blue Lend Lease.
The new organisation will have three key regional offices in London, New York and Sydney.
The Asia Pacific region will be headquartered in Sydney with Managing Director Asia Pacific Bob Johnston at the held. Mr Adam Tindall has recently returned from the US to become Managing Director of Bovis Lend Lease, Australia and New Zealand.
Mr Johnston said a major integration program was now underway and will be completed in February 2000.
"Bovis Lend Lease ranks as one of the largest companies in this industry in the world. This brings benefits to our clients, our employees and our business," said Mr Johnston. "Our aim is to be the best knowledge-based service provider to the world's real estate infrastructure industries.
"Bovis and Lend Lease Projects integrate particularly well in terms of service and geographic spread. It is an excellent fit that brings instant scale, global infrastructure and a well-recognised brand to the group.
"Both these companies are very client focused and concentrate on market sectors of expertise and we've already worked together on major projects in Europe and Australia.
"Most importantly, these synergies bring benefits for our clients."
"Our technology platforms and structure mean our service and systems are accessible to our clients in different markets and cultures around the world. The scale of the new organisation means we can deliver the consistency and standard of service in 38 countries on five continents," said Mr Johnston. On a worldwide basis the Lend Lease Group operates on five continents. In addition to project management and construction, the Group also operates in the areas of real estate funds management and property development. Financial services activities include funds management, life insurance and wealth protection. Total fund under management and administration for the Group total in excess of A$86 billion, with over A$58 billion in property assets under management on five continents. Lend Lease's global real estate investment management ranks as one of the largest in the world. Lend Lease Corporation's market capitalisation is approximately A$9.2 billion (September 30 1999).
For further information please contact:
Trudy Wise
McBaron Communications
Telephone: 61 2 9944 0305 or 0418 220 028media
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