July 26, 2019 / 9:12 AM / a month ago

Australia's LendLease loses contract to rebuild Sydney stadium

SYDNEY (Reuters) - LendLease Group (LLC.AX) lost out on a contract to build a football stadium in Sydney after the construction firm failed to meet the “government’s expectations”, the sports minister for the state of New South Wales (NSW) told Reuters on Friday.

The government of NSW, of which Sydney is the capital city, had earmarked A$729 million ($505.12 million) to knock down and rebuild the stadium.

The company won the first stage of the contract to demolish the old stadium, which first opened in January 1988. The demolition work is mostly completed.

“LendLease’s stage two offer did not meet the government’s expectations, so we are looking for another builder in a competitive market,” John Sidoti said.

“The NSW government is committed to delivering the Sydney Football Stadium on time and within the project budget.”

In a statement to Reuters, LendLease did not specifically comment on losing out on the second stage of the contract.

Reporting by Swati Pandey; Editing by Shounak Dasgupta

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