SINGAPORE (July 1): Sydney-based leading international property and infrastructure group, Lendlease has announced a partnership to invest in data centres across the Asia Pacific region.
The initial equity commitment by the parties is US$500 million ($676 million), combined with leverage will enable the partnership to invest US$1 billion ($1.4 billion) in the sector.
On Sunday, Lendlease said that it will fund 20 percent of the partnership, while the remaining 80 percent will be funded by a large institutional investor.
Completed assets and new development opportunities will be targeted across all markets in which Lendlease has a significant presence - including Australia, China, Japan, Malaysia and Singapore.
Lendlease's CEO Asia Tony Lombardo says, "A data centre platform is a strategic fit for the Group, aligning with our targeted key trend of infrastructure, our telecommunications strategy and our integrated business model. This partnership will enable us to leverage our track record of project managing, designing and building data centres with the strong growth potential for this sector, which is evolving into a mainstream real estate asset class."
Commencement of the partnership is subject to the relevant regulatory approvals.
