Lendlease has formed the Lendlease Japan Modernisation Partnership (LLJMP), a new investment partnership with Dutch pension fund manager PGGM to pursue a Japan value-add strategy focused on modernizing logistics and office assets in key Japanese cities.
The partnership has an investment capacity of up to ¥120 billion ($770 million) and will focus on acquiring well-located logistics and office assets in Japan, with an initial emphasis on the Greater Tokyo and Greater Osaka regions. The partnership will focus on assets that can be upgraded and repositioned to better meet changing tenant and customer needs. Lendlease will hold a minority co-investment of 5 percent.
Drawing on Lendlease's expertise across investment management, development and project management, the partnership will seek to enhance the performance of well-located assets through active asset management and modernization. This may include large-scale renovations, asset conversions, extensions and expansion
