By Digifin Pty Ltd · About this coverage
Key Points
- MSG North Milan sale conditions precedent still not satisfied
- Satisfaction date extended with Bizzi to 15 October 2026
- Closing remains uncertain; further extension possible
- If sale does not complete, about $160m project funding likely in 1H FY27
- Outstanding conditions and completion probability not disclosed
About Lendlease (ASX:LLC)
Lendlease Group is an ASX-listed international real estate group with Investments, Development and Construction operations. It develops and manages urban precincts and investment assets across Australia, Asia, Europe and the Americas.
Lendlease (ASX:LLC) updated the market on the sale of its ownership interest in the development rights to the Milano Santa Giulia mixed-use development (MSG North) held by the Heartbeat Fund in Milan, Italy, to an investment group sponsored by Bizzi & Partners S.p.A.
Completion remains subject to conditions precedent under the sale agreement. Because those conditions have not been satisfied, Lendlease and Bizzi agreed to extend the satisfaction date to 15 October 2026, though closing remains uncertain and the date may be subject to further extension. If the sale does not complete, Lendlease is likely to be required to fund project obligations in the order of $160m in 1H FY27.
The release does not state which conditions remain outstanding or the probability of completion by the new date.
Source: Lendlease Group (ASX:LLC), 2 October 2026. Summary content supplied by Digifin Pty Ltd.
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