Lendlease to co-invest US$1b in Asian data centres

It linked up with an institutional investor to invest in data centres in Australia, China, Japan, Malaysia, and Singapore.

Construction and real estate firm Lendlease entered a partnership with an institutional investor to invest a total of US$1b in data centre assets and new developments in Australia, China, Japan, Malaysia, and Singapore, an announcement revealed.

The partnership will be funded 20% by Lendlease and 80% by the undisclosed institutional investor. The initial equity commitment by the parties is US$500m.

Lendlease has also been appointed as development, construction, property and investment manager for the partnership.

Lendlease's CEO Asia Tony Lombardo said, "This partnership will enable us to leverage our track record of project managing, designing and building data centres with the strong growth potential for this sector, which is evolving into a mainstream real estate asset class."

Commencement of the partnership is subject to the relevant regulatory approvals.