Singapore, 17 July 2026 – Lendlease today announced the establishment of the Lendlease Japan Modernisation Partnership (LLJMP), a new investment partnership with Dutch pension fund manager PGGM to pursue a Japan value-add strategy focused on modernising logistics and office assets in key Japanese cities.
The partnership has an investment capacity of up to JPY120 billion (~A$1.1 billion or ~€660 million) and will focus on acquiring well-located logistics and office assets in Japan, with an initial emphasis on the Greater Tokyo and Greater Osaka regions. The partnership will focus on assets that can be upgraded and repositioned to better meet changing tenant and customer needs. Lendlease will hold a minority co-investment of 5%.
Drawing on Lendlease’s expertise across investment management, development and project management, the partnership will seek to enhance the performance of well-located assets through active asset management and modernisation. This may include large-scale renovations, asset conversions, extensions and expansions, leveraging Lendlease’s real estate, development and project management expertise.
The establishment of LLJMP further strengthens Lendlease’s growing suite of investment vehicles across Asia Pacific, while maintaining a distinct investment strategy focused on Japan’s logistics and office sectors.
Quotes attributable to Penny Ransom, Chief Executive Officer, Investment Management, Lendlease:
“Japan remains one of the world’s most attractive real estate markets, underpinned by compelling structural opportunities in the logistics and office sectors. This milestone reflects an extension of the successful value-add strategy we have delivered in Japan, while building upon our strong momentum in data centre activities in this market.
“We are pleased to further extend on our longstanding collaboration with PGGM through this new partnership, which reflects our shared conviction in the long-term opportunities presented by the Japanese market.”
Quotes attributable to Ms. Jikke de Wit, Senior Director Private Real Estate, PGGM:
“Our continued partnership with Lendlease reflects our confidence in both Japan’s long-term real estate fundamentals and Lendlease’s ability to identify and unlock value through active asset management. We believe the logistics and office sectors in Japan present attractive opportunities for modernisation to meet changing occupier requirements, with the mandate forming a strong fit with PGGM’s 3D investing strategy which balances risk, return and sustainability requirements.
“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.”
ENDS
For media enquiries, please contact:
Lendlease
Joyce Lim
Communications Manager, Investment Management
joyce.lim@lendlease.com
PGGM
Maurice Wilbrink
Corporate Communication PGGM
Maurice.wilbrink@pggm.nl
About Lendlease
Lendlease is an international real estate group listed on the Australian Securities Exchange. Our core capabilities are reflected in our operating segments of Investments, Development and Construction. We draw on this expertise to realise opportunities that create real value and returns for our partners and customers, as well as the communities who experience the places we shape. For more information, please visit: www.lendlease.com
About PGGM Investment Management
PGGM Investment Management is part of the Dutch not-for-profit pension fund service provider PGGM. It fulfils a social mandate: the sustainable investment of the pension capital of around three million participants of PFZW, the pension scheme for the Dutch health and welfare sector. On 31 March 2026, PGGM IM managed EUR 256.5 billion in public and private markets globally.
More information about PGGM IM: annual-report-pggm-vermogensbeheer-bv-2025.pdf
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