PGGM Invests in the Lendlease Innovation Limited Partnership
Posted on 06/20/2022
PGGM is keen on getting exposure to office properties in the Asia-Pacific region that are linked to the pharma industry.
Lendlease formed a S$1 billion innovation partnership with PGGM – calling it the Lendlease Innovation Limited Partnership. The S$1 billion 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% interest and Lendlease 15%. 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 has already secured its first asset, a commercial property in Yokohama, Japan. The 12-storey freehold property is in close proximity to established clusters of high-tech, knowledge-intensive R&D and innovation operations in Yokohama’s Minato Mirai district. Minato Mirai is an established R&D and innovation hub, home to the R&D operations of companies such as Sony, Shiseido and Hyundai.