Lendlease Sub-Regional Retail Fund


Established in 2015, 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)
LLSRF (formerly Lendlease Real Estate Partners 3) has participated in the Global Real Estate Sustainability Benchmark (GRESB) survey since 2011*. 

The Fund was ranked third across 12 private retail specific funds in Australia in the 2017 GRESB assessment. The Fund was also ranked seventh out of all 138 global retail participants.

   2011*  2016 2017 2017 Change
GRESB Scores        
Overall score  29% 91% 92% +1%
Management & Policy  64% 99% 99% +7%
Implementation & Measurement  12% 91% 90% -1%
GRESB Rankings  


All GRESB participants  163 of 339 9 of 759 18 of 850 ↓ 9 places
Global, retail  42 of 67 3 of 129 7 of 138 ↓ 4 places
Oceania, retail 1 of 15 3 of 12 ↓ 2 places
 *Participated as Lendlease Real Estate Partners 3        

Green Building Certification
Green building ratings for each asset as at 30 June 2017 are disclosed below:
NABERS ENERGY1
NABERS WATER
 
ASSET CURRENT RATING 2018 TARGET CURRENT RATING 2018 TARGET
Armadale Shopping City, Perth WA 3 3.0 4 4.5
Menai Marketplace, NSW 3 3.5 3.5 3.5
Northgate Shopping Centre, Geraldton WA 4.5 4.5 1.5 3
Settlement City Shopping Centre, Port Macquarie NSW 2.5 3.0 5 4.5
Southlands Boulevarde, Perth WA 2.52 3.0 3.5 4.5
PORTFOLIO AVERAGE 3.33 3.5 4 4
 
1 Reported NABERS Energy performance and targets exclusive of GreenPower.
2 NABERS Energy Rating for Southlands Boulevarde not undertaken in 2016 due to metering issue. Previous rating disclosed.
3 Area and equity adjusted portfolio average performance excluding Southlands Boulevarde NABERS Energy.