Lendlease announced a new investment partnership with Dutch pension fund manager PGGM to establish the Lendlease Japan Modernisation Partnership (LLJMP). The JPY120 billion (~S$954.1 million) partnership will acquire and upgrade logistics and office assets across Japan, with an initial focus on Greater Tokyo and Greater Osaka.

Lendlease holds a 5% minority co-investment and will drive value creation through active management, large-scale renovations, asset conversions, extensions, and repositioning to meet evolving tenant needs.

The partnership strengthens Lendlease's Asia Pacific investment portfolio while tapping into Japan's attractive logistics and office sectors. Penny Ransom, Lendlease CEO of investment management, notes: "Japan remains one of the world's most attractive real estate markets, underpinned by compelling structural opportunities in the logistics and office sectors."

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PGGM senior director of private real estate, Jikke de Wit, adds: "By combining our long-term capital with Lendlease's local expertise and execution capabilities, we are well positioned to deliver resilient returns for our pension fund client PFZW while supporting the evolution of high-quality real estate in Japan."