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Lendlease funds in Asia continue to lead sustainability rankings

  • 30 Oct 2024

SINGAPORE, 30 October 2024 – Lendlease continues to be recognised as a leader in sustainability, as evidenced by each of its five funds receiving top 5 Star ratings in the 2024 Global Real Estate Sustainability Benchmark (GRESB) rankings. The sterling results achieved in this industry-leading benchmark are a testament to Lendlease’s robust commitment in driving positive impact in sustainability across the real estate investment landscape in Asia.  

Parkway Parade Partnership (PPP) received the Global Sector Leader (Retail) status, in recognition of its Property Manager’s efforts, such as in continually engaging tenants on energy conservation. 

In the Asia Retail (Overall) category, Lendlease funds took the top three rankings. PPP retained its position as the top performer in the category. Milano Holdings JV, which holds Paya Lebar Quarter mall, came in second despite it being only its first participation in GRESB. Lendlease Global Commercial REIT (LREIT) took the third spot in the same Asia Retail (Overall) category.  

In the Asia Retail (Listed) category, LREIT continued to outperform its peers for the fifth consecutive year since listing, clinching the Regional Sector Leader with the highest rating of 5 Star for its environmental, social and governance (ESG) performance.  

Global performance 

Lendlease’s 2024 GRESB results reflect its strong international investment management capability, with its funds achieving top rankings in ESG leadership across commercial, retail, multifamily and life science sectors. 

Ten funds achieved first place in their peer group. These are: 

  • Australian Prime Property Fund Retail 
  • Lendlease MSG 1 (Italy) 
  • Lendlease Global Commercial Italy Fund​ 
  • Lendlease Renaissance 1​ 
  • Lendlease MSG Heartbeat​ 
  • Lendlease Global Commercial REIT​ 
  • Parkway Parade Partnership 
  • Lendlease Americas Residential Partnership (LARP) - Standing Investments 
  • Lendlease Americas Residential Partnership (LARP) - Development​ 
  • Life Science Partnership LL/IVC Lab Office Fund LP 

 

Leading the next phase of sustainability in Asia 

As an integrated real estate group with sustainability at its core, Lendlease remains dedicated to implementing tangible decarbonisation plans and measuring the positive impact of its investments and projects. In addition to being on track to achieving its 2025 sustainability targets of Net Zero Carbon and A$250 million in Social Value, Lendlease is also targeting the elimination of greenhouse gas emissions through its Absolute Zero by 2040 target that applies to Scope 1, 2 & 3 emissions (within the Lendlease defined boundaries and without the use of offsets). 

In Asia, Lendlease’s efforts include: 

LREIT: LREIT’s approach towards financing increasingly emphasises sustainability with a clear upward trend of sustainable financing, increasing from 62% in FY2022 to 85% in FY2024. LREIT has achieved interest savings from the sustainability-linked financing since the establishment of its green finance in FY2022. 

Shaw Tower: Alternative energy sources such as biodiesel and battery use are deployed onsite. For example, the AMPD Enertainer battery energy storage system provides onsite power without producing tailpipe emissions. 

Singtel Comcentre: Building one of Singapore’s first end-to-end carbon neutral development from design, construction to operations, with plans to recycle 90% of construction and demolition waste and overall 30% reduction in embodied carbon from BCA Green Mark 2021 reference value. 

Paya Lebar Green: Paya Lebar Green was awarded the highest accolade receiving all five sustainability badges in both New Non-Residential and Existing Non-Residential Building categories under the latest Green Mark 2021 scheme: the Health and Wellbeing (Hw), Resilience (Re), Whole Life Carbon (Cn), Intelligence (In), and Maintainability (Mt) badges across its two buildings. 

The Exchange TRX: During the construction stage, the team replaced mineral diesel-powered heavy machinery with electric alternatives. The site also utilised electrified construction equipment, which included 16 fully electric tower cranes and an electric–powered conveyor belt for soil transfer.  

Quote attributable to Mr Justin Gabbani, CEO, Investment Management, Lendlease 

“We are delighted the Asia funds have achieved great success and recognition again in this year’s GRESB rankings. The results underscore our commitment to creating a sustainable future for our partners and stakeholders. Asia is accelerating its sustainability agenda, and we believe that our track record of sustainability expertise will be a key asset to partners who are looking to enhance long-term value and enable action.” 

END

 

For more information, please contact:  

Lendlease Team at H/Advisors Klareco  

Klareco-Lendlease@h-advisors.global  

 

About Lendlease  

Lendlease is a market-leading Australian integrated real estate group. We create places where communities thrive. Headquartered in Sydney, we are listed on the Australian Securities Exchange. Our core capabilities are reflected in our operating segments of Investments, Development and Construction. The combination of these three segments provides us with a sustainable competitive advantage in delivering innovative integrated solutions for our customers. For more information, please visit: www.lendlease.com 

  

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