Lendlease Sub-Regional Retail Fund


Established in 2014, Lendlease Sub-Regional Retail Fund (LLSRF) is an open-ended unlisted wholesale property fund that invests in sub-regional shopping centre assets.

The Fund seeks to maximise returns to investors through the long-term ownership, development and repositioning of quality, diversified, sustainable and predominantly core sub-regional real estate assets.

The Fund currently owns five retail shopping centres in New South Wales and Western Australia. LLSRF leverages Lendlease’s integrated end-to-end business model, providing asset management, development, construction and project management expertise. 

Responsible Property Investment

LLSRF has a vision to deliver effective people focused and resource efficient sustainability solutions across the portfolio. It acknowledges the sustainability aspirations of the broader Lendlease Group and is aligned with Lendlease’s key sustainability objectives.

The Fund has had a Responsible Property Investment strategy in place since 2010.
GLOBAL REAL ESTATE SUSTAINABILITY BENCHMARK (GRESB)
Lendlease Sub-Regional Retail Fund (LLSRF) has participated in the GRESB assessment since 2011.

The Fund was ranked third across 91 global retail funds and second in 15 retail specific unlisted funds in Australia in the 2019 GRESB assessment. The Fund was also ranked 10th out of all 964 global participants.
 
   2011* 2018 2019 2019 Change
GRESB Scores        
Overall score  29% 95%  95% No Change
Management & Policy  64% 99%  99% No Change
Implementation & Measurement  12% 94%  94% No Change
GRESB Rankings  
 
All GRESB participants  163 of 339 8 of 874 10 of 964 -2 places
Global, retail  42 of 67 2 of 136 3 of 91 -1 place
Oceania, retail 2 of 15 2 of 11 No Change
 *Participated as Lendlease Real Estate Partners 3        

Green Building Certification

Green building ratings for each asset as at 31 December 2019 are disclosed below:


NABERS ENERGY
NABERS WATER
 waste recycling
CENTRE CURRENT 
RATING1
2021 
TARGET1
CURRENT 
RATING
2021
TARGET
 
CURRENT
STATUS2
2021
TARGET
Armadale Shopping City, Perth WA 1.5 2 4.5  4.5 44% 45%
Northgate Shopping Centre Geraldton, WA 5 5 1.5  3 32% 35%
Southlands Boulevarde Perth, WA 2 3 3 3 26% 30%
Menai Marketplace Sydney, NSW 3 3.5 3.5  3.5 42% 35%
Settlement City Shopping Centre Port Macquarie, NSW 3.5 3 5  5 38% 45%
TOTAL 2.9 3.5 3.8 4 37% 40%
   
1 NABERS Energy performance and targets exclude GreenPower.  
2 Waste recycling performance as at 30 September 2019.