Lendlease completes new Joint Venture with Warburg Pincus

Lendlease Corporation Limited (ASX: $LLC) has finalized the sale of its life sciences interests in Asia to form a 50/50 Joint Venture with Warburg Pincus. This strategic move aims to create a specialized real estate platform focusing on the rapidly expanding life sciences sector in Asia Pacific. The Joint Venture commences with the transfer of Lendlease's LINO interests, including Leaf1, a recently completed life sciences workplace in Yokohama, Japan. Additional capital is expected to be infused into the platform as it identifies new investment opportunities. The transaction is anticipated to contribute approximately $80m to FY25 Operating Profit after Tax.

Tony Lombardo, Group CEO, Lendlease

The establishment of our new life sciences Joint Venture with Warburg Pincus, one of the world's leading global investors, creates a highly attractive growth platform to complement our existing international investment capabilities and ambition. We have continued to make strong progress following our May strategy update, having announced $1.9 billion of transactions from our FY25 target of $2.8 billion. As we further simplify the Group and recycle capital, we remain focused on strengthening our balance sheet, returning capital to securityholders and investing in our high return Australian operations.

Lendlease completes sale of life sciences interests in Asia to form Joint Venture

Lendlease Corporation Limited (ASX: $LLC) has successfully completed the sale of its life sciences interests in Asia to establish a 50/50 Joint Venture with Warburg Pincus, aimed at creating a specialized real estate platform focused on the fast-growing life sciences sector in Asia Pacific. The Joint Venture has been initiated with the transfer of Lendlease's LINO interests, including Leaf1, a recently completed life sciences workplace in Yokohama, Japan. The company anticipates additional capital infusion into the platform as it identifies new investment opportunities. The transaction is expected to contribute approximately $80m to FY25 Operating Profit after Tax. Lendlease's Group CEO, Tony Lombardo, emphasized the attractiveness of the new Joint Venture with Warburg Pincus and the company's commitment to strengthening its balance sheet, returning capital to securityholders, and investing in high return Australian operations. The company continues to make strong progress in line with its May strategy update, with a focus on achieving its FY25 target of $2.8 billion and simplifying the Group while recycling capital.