administration Health sector boom. The company was immediately rebranded as Lend Lease DASCO, and started operating independently of the Lendlease Americas business. In March 2011, Lendlease completed the acquisition of Valemus (previously known as Bilfinger Berger Australia) from Bilfinger. In March 2013 the business divested its aged care homes (from the acquisition of Babcock and Brown Communities) to Allity, a business owned by Australian Aged Care Partners. In 2015, the company rebranded to use "Lendlease" as a single word. In December 2016 Lendlease formed a joint venture agreement with Energy Made Clean. Energy Made Clean is a wholly owned subsidiary of renewable energy technology developer, Carnegie Clean Energy (ASX: CCE). With EMC and Carnegie's joint offerings, it is the only company in the world to offer a combination of wave, solar, wind, storage and desalination via microgrids. Microgrids are a budding industry and this partnership aims to provide end-to-end technologies that deliver energy independence and a reliable alternative to traditional forms of energy in regional, remote and fringe-of-grid locations in Australia, United States and around the world. This asset was later sold in 2020. In February 2021 Lendlease announced that Tony Lombardo, previously CEO of Lendlease Asia, would takover from Steve McCann as Group CEO. This took place in June 2021. The global COVID-19 pandemic led to enforced site closures during the early 2020s, impairing revenues. In February 2022, Lendlease reported a first half loss of $264 million, which it attributed to one-off restructuring costs, COVID-19 issues and asset sales. The company cut about 360 jobs and garnered savings of $160 million. An improved second half to the financial year saw the company post a bottom-line loss of $99 million for the full year, after $333 million in writedowns on existing operations, a 61% drop in development EBITDA to $18 million and a 24% slump in construction earnings to $131 million. Regions Lendlease operates in Investment management, construction, urban redevelopment, communities, retirement living, health science, data centre and digital scopes across its four regional subdivisions: Australia Urban regeneration projects in Sydney at Barangaroo South, in Melbourne at Docklands, Victoria, in Brisbane at the RNA Showgrounds, and around Adelaide's Adelaide Oval are some of Lendlease's most significant and visible recent projects in Australia. Lendlease is one of Australia's largest developer of Master Planned Communities. One of Lendlease's more controversial Communities projects is their development for housing and industry of the former