News

PGGM and Landlease launch $1bn Asia real estate fund

Real estate fundReal estate investor Landlease has partnered with Dutch pension fund manager PGGM to launch a fund focused on innovation and life science-focused real estate assets. The Lendlease Innovation Limited Partnership will invest US$1billion in properties in Asia, initially focused on Australia, Japan and Singapore. Its first asset has been acquired in Japan – a two-storey freehold property in Yokoham’s Minato Mirai district. PGGM will own a majority stake (85%) in the fund while Landlease will own the remaining 15% while providing asset management services. “Technological advances and higher R&D spend, driven by an ageing population, are signalling a growing demand for real estate hubs and development centres that are focused on research, innovation and advancing next-gen technology,” said Landlease Asia’s CEO Justin Gabbani. © 2022 funds global asia

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