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The S & P / ASX 200 may have fallen on Thursday, but the same can not be said of the index Lendlease Group (ASX: LLC) course of action.
Shares of the international real estate and infrastructure firm outperformed the benchmark with a gain of 4.5% to $ 14.75.
Why is the Lendlease stock price up?
Investors scramble to take the shares of the company after revealing the signing of an agreement with the global technology giant Google.
According to the statement, the company has signed an agreement with Google in the United States, under which the two parties will work together over the next 10 to 15 years to transform the properties of the technology company in San Jose, Sunnyvale and Mountain View in a dynamic mixed complex. use the communities.
Lendlease estimates that it will develop up to 15 million square feet of residential, retail, hospitality and other related community uses in new neighborhoods. After that, Google will focus on developing its offices in these mixed communities.
The statement said the residential, retail, hospitality and other related civics components have an estimated final development value of about $ 15 billion (about $ 20 billion). Subject to planning approval, development work could begin as early as 2021.
Denis Hickey, CEO of Lendlease Americas, said, "This joint agreement between Google and Lendlease will help meet the need for new housing in the San Francisco Bay Area. We are eager to contribute to our world-clbad approach to creating unique urban communities and we focus on creating exceptional places that redefine the way people choose to live, work, connect and contribute to the world. creating an active community. "
David Radcliffe, vice president of real estate and workplace services at Google, echoed this sentiment.
Mr. Radcliffe said, "Lendlease has a wealth of knowledge and expertise in residential, commercial and multi-use developments. Today's agreement complements an existing and successful partnership that will help us achieve two important goals: our commitment to accelerate the production of residential units in the Bay Area and our plan to build mixed-use development. Lendlease will make a decisive contribution to the creation of at least 15,000 new homes on our lands.
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