Sprint’s primary owner will enter the cell tower business, thanks to a joint venture announced Tuesday.
Tokyo-based SoftBank Group Corp. will partner with Lendlease Group, an Australian property and infrastructure group, to form Lendlease Towers. Lendlease will serve as the joint venture manager, asset manager and development manager.
Both companies put forth an initial commitment of $200 million in equity, which will be used to acquire and restructure 8,000 existing telecom sites, including rooftop sites and other structures. A Lendlease spokesman confirmed Sprint’s assets will be included in the portfolio, though he added the joint venture is focused on working with all major carriers to meet consumers’ growing thirst for data.
In total, Lendlease Towers will target $5 billion of telecom infrastructure assets. The company noted it would introduce other capital partners as it grows.
Read more: Kansas City Business Journal