Australian property and construction company Lend Lease will write down the value of its worldwide assets by around A$760m (£350m) in its half-year results.
The company said today that it would likely make further writedowns of around A$290m (£134m) in addition to the A$470m (£217m) it predicted last November, for the six months to 31 December.
It said A$210m (£97m) of the additional writedowns would relate to the value of commercial assets in the UK and residential assets in the US and Australia. The other A$80m (£37m) would be a goodwill reduction of its urban communities arm, Delfin Lend Lease.
The writedowns will affect Lend Lease’s ‘statutory’ profit but will not affect its net operating profit after tax. The net operating profit after tax will be 10% - 15% less than 2008s figure of $447.1m (£206m), as predicted in November.
In the UK Lend Lease parts owns and manages four shopping centres – Bluewater in Kent, Overgate in Dundee, Touchwood in Solihull and Golden Square in Warrington – and is developing mixed-use schemes on the Greenwich Peninsula, Stratford City and through its Crosby Lend Lease arm.
Lend Lease’s writedowns follow the A$3bn (£1.38bn) writedowns that shopping centre giant Westfield said yesterday it would likely make.