Dutch pension fund manager PGGM and Lendlease have entered into a partnership to invest S$1bn (€684.6m) in a portfolio of innovation and life science-focused real estate assets.
The newly created the Lendlease Innovation Limited Partnership, which will focus on Australia, Japan and Singapore, has acquired its first asset in Japan, the companies said.
PGGM will hold an 85% stake interest in the Lendlease Innovation Limited Partnership with Lendlease owning the remaining 15% stake.
Lendlease said it will provide services to the partnership based on the assets’ needs, which include investment management and development management.
The partnership’s first asset is a 12-storey freehold property in Yokohama’s Minato Mirai district.
Justin Gabbani, Asia CEO at Lendlease, said: “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.
“The establishment of an innovation-focused investment partnership together with our long-term partner PGGM is a vote of confidence in Lendlease’s position as a global real estate and investment leader. This partnership also leverages our deep expertise in the life science sector with more than 20 years’ experience.”
In a joint statement, Jikke de Wit and Ping Ip from PGGM private real estate, said: “We believe that the increased focus on health combined with substantial investments in technology will give a boost to the innovation and life science sectors in Asia Pacific. This focus on life sciences is supported by our client PFZW who manages a pension scheme for the Dutch healthcare sector with three million members.
”Our partnership with Lendlease which has been developing over 25 years gives PGGM a chance to build a portfolio of assets in the hubs where innovation, talent and knowledge come together.”
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