Lendlease, First State Super Announce $2B Multifamily Platform

Sydney-based multifamily developer Lendlease has partnered with First State Super, a superannuation fund active across Australia, to create a US$2 billion investment platform for new multifamily developments in U.S. gateway cities.

The two partners have each committed US$500 million in equity to the project, which will focus its investments on properties in New York, Chicago, Boston, San Francisco, and Los Angeles. Lendlease Americas will serve as the platform’s development, construction, and investment manager. The new platform will be seeded with two existing Lendlease projects under construction in Chicago and Boston, with a combined end value of more than $400 million.

“This new multifamily investment vehicle is consistent with our strategy of leveraging Lendlease’s integrated property capabilities to deliver high quality urban regeneration projects that enhance people’s lives while simultaneously creating value for our shareholders and partners,” says Denis Hickey, CEO of Lendlease Americas.

“We have a strong track record of success working alongside First State Super and share a common objective to increase our exposure to the US multifamily sector. Over time, the platform will also provide an opportunity for new investors to gain access to a portfolio of multifamily assets across our US gateway cities.”