Multiplex Group announced today that fellow Australian developer Westfield Group would take over the remaining design and construction works for the White City development project, effective immediately.
Multiplex was previously the developer and contractor for the project, but in 2005 transferred ownership responsibilities to Westfield. Multiplex continued its contracting role.Westfield will from today assume full responsibility for delivery of the project including control over all design matters, and all building works.The agreement provides for the secondment or transfer of Multiplex UK construction personnel directly engaged on the project to Westfield, and for existing White City Multiplex Chief Executive Officer, Andrew Roberts, said, 'The transfer of the construction contract for White City will accelerate the repositioning of our UK construction workbook. Our focus in the UK is predominantly on internally generated work from our own development projects - through our integrated property model.' Multiplex Group also reported a net profit after tax of £87M for the year ending 30 June 2006. This was up £53M from last year. The company which includes Multiplex construction incurred a loss of £147M before tax on Wembley Stadium. In a statement, the company said, 'Wembley is now substantially complete and the Group is focusing on pursuing recoveries from third parties. During the year, the Group was successful in its claim against the former steel subcontractor at Wembley.