Lendlease has sold its life sciences interest in Asia to a newly established 50-50 joint venture with Warburg Pincus in a S$129m (€88m) deal, with the goal of creating a specialist real estate platform focused on the growing life sciences sector in the Asia Pacific region. The transaction allows Lendlease to realize the value it has created and transfer its current life sciences construction and development capabilities in Asia to the new entity, while returning A$66m in net proceeds to the company.
Lendlease’s life sciences business in Asia has been actively involved in developing laboratories, research centers, and manufacturing facilities for the biotech industry, including projects like the Tuas Biomedical Park in Singapore. However, Lendlease is facing pressure from activist shareholders to streamline its business and focus on its core operations.
Tony Lombardo, Lendlease’s global CEO, stated that the joint venture is well-positioned to become the leading integrated life sciences real estate business in the region, leveraging Lendlease’s 30 years of experience in the Asia Pacific region and Warburg Pincus’ expertise in investing and scaling platforms. The partnership offers compelling investment opportunities for investors and is part of Lendlease’s strategy to simplify its operations and create a more focused company for its shareholders.
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