Lendlease will end all international property development and sell its overseas construction divisions, marking the biggest shake-up at one of Australia’s largest real estate groups since it sold MLC to the National Australia Bank more than two decades ago.

The company will confirm plans to exit or sell more than $4 billion worth of international works, mostly in the United States and United Kingdom, in the next three years, ending its decades-long quest to be a globally significant property builder.