Lendlease CEO Tony Lombardo has indicated the developer intends to enter Build to Rent in Australia, with an announcement expected soon.
Speaking to the Australian Financial Review, Tony (pictured) said that BTR – which he referred to as “multifamily” – is a natural fit for Lendlease, combining its existing development work with its asset management work.
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Multifamily is an area where we’ve got $3 billion of funds under management already now across both Europe and the US. And when you look at the development pipeline, we’ve got just under $30 billion worth of development pipeline for multifamily. “So that’s a big area of focus for us as a company. And in Australia we’ve got the first thing that is about to be announced. I see it as being a big part of our investment management strategy,” he said.
Lendlease has sold off almost 75% of its stake in its Retirement Living division, with Aware Super owning 49.9% of the portfolio.
Image: LendLease Tower in Townsville by Greditdesu / CC BY-SA 4.0
