Good evening,

A tumultuous year for local real estate giant Lendlease has almost come to an end – and not before a change of chairman, with former Bunnings chief executive John Gillam succeeding Michael Ullmer last month.

No doubt that will lead to a period of anxiety for Lendlease’s long-term advisers at Gresham and Morgan Stanley. Both banks have been working with the company and its chief executive, Tony Lombardo, for years, including on the $310 million sale of its services division in 2021.

A more recent arrival has been Macquarie, whose dealmakers were on hand for the $1.3 billion sale of Lendlease’s master-planned communities business to Stockland some 12 months ago. That deal was finally approved by the Australian Competition and Consumer Commission in September.

Gillam is known to be close to Barrenjoey Capital Partners′ ubiquitous co-executive chairman Matthew Grounds. This fact should make Gresham and Morgan Stanley particularly nervous.

Those at Lendlease said there had been no changing of the guard – but with all the other changes taking place at the ASX-listed development powerhouse, that could just be a matter of time.

Read the full story tomorrow and more on the Street Talk page.

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