The Lendlease Group (ASX: LLC) share price is up around 4% after winning a large new contract.

Lendlease is a listed property group specialising in project management and construction, real estate investment and development. The business has been operating for over 60 years and now has around 13,000 employees across Australia, Asia, Europe and the Americas.

Lendlease’s Huge Contract Win

Lendlease has just signed the biggest deal in its history according to the Australian Financial Review.

The property and infrastructure business will build on a large amount of land that is owned by Alphabet Inc (NASDAQ: GOOGL) (NASDAQ: GOOG), which includes Google as a subsidiary.

After all of the housing as been finished, the real estate is estimated to be worth $21 billion or even more. Around 15,000 homes will be constructed in three districts (San Jose, Sunnyvale and Mountain View) in the San Francisco Bay area over the next 10 to 15 years.

If you didn’t know, Lendlease is already building Google’s new headquarters at King’s Cross.

According to the AFR, Lendlease will gain control some of Google’s land, creating the residential, retail and mixed-use components of the new neighbourhoods. But Google will retain a lot of it for future office development, which Lendlease isn’t involved with (yet).

Around half of the residential project will be for build-to-rent, with the rest for sale.

Lendlease’s Americas boss Denis Hickey said: “It is a landmark opportunity for Lendlease. It’s is the biggest opportunity we’ve ever had as an organisation. It’s a real credit to the fact that Lendease’s global expertise is highly valued by the leading companies in the world.

This is the start of a relationship. I think there will be broader things between the companies that we’ll explore.”

Is Lendlease A Buy?

This is clearly a huge deal for Lendlease and it has a very impressive pipeline over projects over the next decade.

However, with bigger opportunities come bigger risks. There’s always a chance these types of things go beyond budget or take too long.

With the share price still down over 25% from a year ago, Lendlease could be an interesting opportunity in this era of lower interest rates.

Even so, I’d much rather shares of one of the reliable and quality businesses in the free report below instead.

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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).

At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.