Under the five year agreement, Bovis Lend Lease will work on a fee related to turnover under management. In line with previous contracts, the relationship will continue to be based upon a balanced scorecard approach, with profits earned by Bovis Lend Lease dependent on performance against agreed BP business objectives.
To date, Bovis Lend Lease has managed an average of A$575m build spend per annum globally and delivered annual savings in the region of A$35m for BP. Under the new contract, Bovis Lend Lease aims to continue to achieve and exceed savings delivered.
Bovis Lend Lease Chief Executive Officer, Murray Coleman said: “Lend Lease is very proud of its continuing association with BP. The commitment that both BP and Lend Lease bring to the relationship enables increased capital productivity and efficiency, helping BP to develop its retail offer.”
“Lend Lease’s international presence, unrivalled knowledge base and diverse experience from across our businesses means we can deliver market-leading solutions to meet clients’ demands on all aspects of property management and construction services including those for large multi-site programs of this scale,” he said.
The initial contract entered into between Bovis Lend Lease and BP, established in January 1997, created an unincorporated relationship to deliver retail site services around the globe.
The relationship continues to evolve and adapt to market challenges, gearing performance to the business drivers that are important to BP in the current environment.