Lendlease has teamed up with Dutch pension fund manager PGGM to create a S$1bn (US$720m) fund to invest in real estate associated with high-tech entrepreneurship in Australia, Japan and Singapore.
To kick things off, the so-called “Lendlease Innovation Limited Partnership” has already bought a 12-storey commercial property in the Minato Mirai district of Yokohama, Japan. Minato Mirai is an innovation hub, home to the R&D operations of Sony, Shiseido and Hyundai.
PGGM holds an 85% interest in the fund, while Lendlease holds 15% and will contribute investment and development management.
“Technological advances and higher R&D spend, driven by an aging population, are signaling a growing demand for real estate hubs and development centres that are focused on research, innovation and advancing next-gen technology,” said Justin Gabbani, Lendlease’s Asia chief executive sent to GCR.
In a statement, PGGM 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.