Lendlease Group has established an infrastructure joint venture with SoftBank Group to develop and own telecom infrastructure assets in the United States.
The joint venture, to be known as Lendlease Towers, will focus on partnering with major U.S. carriers to roll out further phases of their infrastructure expansion plans to meet growing demand for data. The aim is to create a geographically diverse portfolio of rooftop and tower assets through both a development and an acquisition-based strategy.
Lendlease and SoftBank have each committed $200 million equity, and as growth occurs, will look to introduce capital partners. The initial $400 million has been allocated to fund the acquisition and strategic restructure of approximately 8,000 existing telecom sites, including rooftops and other structures, across the United States. Lendlease Towers will target $5 billion of telecom infrastructure assets over the medium term.
Lendlease has been appointed the jo