Lendlease establishes $720m innovation partnership with PGGM
Lendlease has entered into an agreement with Dutch pension fund manager PGGM to create the Lendlease Innovation Limited Partnership. The S$1 billion ($720 million) partnership will invest in real estate assets in the innovation and life-science space with a focus on Australia, Japan and Singapore. PGGM will hold an 85-percent interest and Lendlease 15 percent.
Lendlease will provide services to the partnership based on the assets’ needs, which include investment management and development management. The partnership will leverage Lendlease’s expertise in placemaking by creating hubs of economic activity where innovation, entrepreneurship, creativity and placemaking intersect.
The partnership already has secured its first asset, a commercial property in Yokohama, Japan. The 12-story freehold property is near established clusters of high-tech, knowledge-intensive R&D and innovation operations in Yokohama’s Minato Mirai district. Minato Mirai is an established R