Lendlease sells UK assets in $250m JV with The Crown Estate

This include land holdings and land management agreements in London and Birmingham.

Lendlease has sold six UK development projects into a 50:50 joint venture with The Crown Estate, unlocking over $250m (AU$300m) in capital and cutting future funding commitments in half to around $105m (AU$125m).

The projects include land holdings and land management agreements in London and Birmingham. The deal, subject to approvals expected by FY26, will reduce Lendlease’s capital exposure whilst accelerating planning and delivery of around 26,000 homes and over 900,000 sqm of office and life sciences space.

The Crown Estate, with more than $25b (AU$30b) in UK assets, is contributing equal capital. Both partners can sell land to third parties and aren’t obligated to build vertically. If they do, each can invest up to 50%.

Lendlease will act as development manager and retain asset management rights where it co-invests.
Up to $20b (AU$24b) in new developments could come from the JV. Lendlease targets around 10% ownership in any co-invested projects.

This move brings Lendlease’s FY25 capital recycling to $2.09b (AU$2.5b) of its $2.34b (AU$2.8b) target and supports plans for a security buyback.

Separately, Lendlease has secured a $1b (AU$1.2b) investment mandate from South Korea’s National Pension Service to manage Aurora Place in Sydney. This lifts its Australian office assets under management to nearly $16.7b (AU$20b), most of which are premium, sustainable properties in Sydney.

The mandate strengthens Lendlease’s investment management platform, following recent partner additions at 21 Moorfields in London.