INDUSTRY NEWS

Lend Lease boss resigns

Nigel Hugill, Europe chairman of property group Lend Lease has resigned.

He described his parting as “perfectly amicable” and maintained the group’s delivery of is project at Stratford “is absolutely on track and in the best of hands”, Property Week has reported.

“It is the right time to seek new opportunities,” he announced.

Lend Lease has failed to secure private funding for its development of the London Olympics’ athletes village.

The chairman of the Olympic Delivery Authority John Arnitt recently told the Guardian: “The government at the end of the day will have to come in and support the village [financially] – that is understood.”

Funding for the project has wilted following increasingly difficult economic conditions and a shortage of finance for commercial property investors.

Announcing his retirement, due to start at the end of this year, Mr Hugill said: “The scale and quality of the development pipeline and the pace at which we have been able to team build exceeds any realistic expectations.”ADNFCR-1329-ID-18762627-ADNFCR

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