Lendlease is cutting 10 percent of its global workforce as the real estate giant works to implement a five-year turnaround plan.

A Lendlease spokesman on Tuesday confirmed the company will lay off about 740 people.

Overseas workers will take the brunt of the job losses, with five percent of the company’s Australian staff receiving redundancies.

The spokesman declined to state how many people would be in Australia.

Linkedin profiles indicate Lendlease has 6253 employees living in the country, which would mean more than 300 job losses.

“It’s never easy making decisions that directly impact our people,” global CEO Tony Lombardo said in a statement.

“However, they’re absolutely necessary in order to generate more resilient returns for our security holders and sustainable careers for our ongoing workforce.”

The headcount reductions will not impact project deliveries, targets for work in progress, completions or funds under management, Lendlease said.

The company is two years into Mr. Lombardo’s turnaround plan.