SINGAPORE - Media OutReach - 30 June 2019 - Leading
international property and infrastructure group, Lendlease, has announced a
partnership to invest in data centres across the Asia Pacific region.

The
partnership will be funded 20 per cent by Lendlease and 80 per cent by a large
institutional investor. The initial equity commitment by the parties is US$500
million, combined with leverage will enable the partnership to invest US$1 billion
in the sector. Completed assets and new development opportunities will be
targeted across Australia, China, Japan, Malaysia and Singapore -- all markets
in which Lendlease has a significant presence.

Lendlease's integrated
capability across development, construction and investment is well placed to
execute on the significant growth forecast for the data centre sector. Accordingly, Lendlease has been
appointed as development, construction, property and investment manager for the
partnership.

Lendlease's CEO Asia Tony
Lombardo said, "A data centre platform is a strategic fit for the
Group, aligning with our targeted key trend of infrastructure, our telecommunications
strategy and our integrated business model. 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.�

About Lendlease

Lendlease is a leading
international property and infrastructure group with operations in Australia,
Asia, Europe and the Americas. Our vision is to create the best places; places
that inspire and enrich the lives of people around the world.

Headquartered in Sydney,
Australia, and listed on the Australian Securities Exchange, Lendlease has
approximately 13,000 employees internationally.

Our core capabilities are
reflected in our operating segments of Development, Construction and
Investments. The combination of these three segments provides us with a
sustainable competitive advantage and allows us to provide innovative
integrated solutions for our customers.

We are known as ?? in Chinese. For more
information, please visit: www.lendlease.com.