Lendlease has recently completed the sale of its life sciences interest in Asia to a 50-50 joint venture with Warburg Pincus for a total of S$129m (€88m). The establishment of this joint venture marks the beginning of a new real estate platform focused on the growing life sciences sector in Asia Pacific.
Tony Lombardo, Lendlease’s global CEO, emphasized the strength of the joint venture, combining Lendlease’s extensive experience in the Asia Pacific region with Warburg Pincus’ expertise in investing and scaling platforms. The goal is to create the leading integrated life sciences real estate business in the region, offering attractive investment opportunities to investors.
Lendlease’s life sciences business in Asia has a strong presence in Singapore and China, where it has delivered various facilities for prominent companies such as Pfizer and Roche. With a track record of over 30 years and completion of more than 100 projects for around 30 clients, Lendlease has established a solid reputation in the sector.
The transaction allows Lendlease to realize the value it has generated in the sector and transfer its current life sciences construction and development capabilities in Asia to the new entity, resulting in an expected return of A$66m in net proceeds. This strategic move by Lendlease aligns with shareholder expectations and focuses on core strengths by simplifying its operations and reducing offshore activities.
