L1 Capital becomes Lendlease's top shareholder, following $749 million loss

L1 Capital increased its stake in Lendlease to 10.8%. The activist investor is now the property and construction giant's largest shareholder.

Lendlease recently reported a $749 million net loss. The company's share price is currently trading near a 40-year low. The S&P/ASX 100 index also removed the firm from its listing.

L1 Capital built this position following failed turnaround campaigns by Allan Gray and HMC Capital. The move coincides with the appointment of new Chief Executive Nick O'Neil. O’Neil faces intensified pressure to reverse the company's fortunes.