Thursday, July 7, 2022

Lendlease beats Dexus to oversee $1.6 billion property funds mandate

property funds

Australia’s NSW Treasury Corporation (TCorp) said it has appointed Lendlease to refresh the mandate in line with best practice investment management

Lendlease has been selected by the NSW Treasury Corporation (TCorp) to oversee a $1.6 billion property funds mandate, previously held by ASX-listed heavyweight Dexus.

TCorp, the central borrowing authority of New South Wales, said it has appointed Lendlease to refresh the mandate in line with best practice investment management.

The investment platform, which is recognised as a top 10 Australian investment manager, has $108 billion in funds under management, $6 billion of which is in its unlisted property portfolio, and a balance sheet of $82 billion.

TCorp manages assets on behalf of State Super, one of Australia’s largest superannuation schemes with 100,000 members and $44 billion in assets.

TCorp chief investment officer Stewart Brentnall said Lendlease was selected following a detailed proposal process that aimed to refresh the mandate in line with best practice investment management.

The investment and financial management partner dropped developer Dexus after 15-years spearheading the fund.

Dexus said the transition of the mandate would enable the company to onboard new investors with open investment periods and growth strategies in order to create new opportunities within its pipeline.

Dexus also noted there wouldn’t be an impact on either Dexus’s Adjusted Funds From Operations or distribution per security and that TCorp remained a long-term investor on the platform via other vehicles.

Lendlease, a global developer and construction giant, with a $112 billion in development projects on its books will head up the mandate from 30 June 2020.

Lendlease managing director of funds management Scott Mosley said the company was privileged to welcome TCorp to its funds platform as a strategic partner across retail, office and industrial.

Lendlease’s depth of capability across asset creation, sustainability and technology aligns strongly with TCorp’s investment philosophy and objectives, and we look forward to successfully growing this partnership well into the future, he said.

Lendlease currently manages $25.1 billion in Australian property funds for various investors.


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