Lendlease has appointed three investment banks as the property giant contemplates structural change ahead of a critical investor strategy presentation and amid calls from its largest shareholders to carve off its entire international division.

Morgan Stanley, Gresham and Macquarie are determining how the embattled Lendlease can unlock value for its shareholders, AFR Weekend has confirmed. Their engagement comes as Tanarra Capital and Allan Gray, two major shareholders, push for an overhaul of the property developer and asset manager’s entire strategy and operations.