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Lendlease

PRI reporting framework 2017

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Overview

PR 01. Breakdown of investments

New selection options have been added to this indicator. Please review your prefilled responses carefully.

01.1. Indicate the level of ownership you typically hold in your property investments.

01.2. Provide a breakdown of your organisations allocation to Real Estate Investment Trusts (REITs) or similar

01.3. Additional information. [Optional]

Lendlease managed property funds and direct mandates typically hold a 50% or greater stake in their property asset investments, with a significant minority stake (between 10- 50%) stake held in a minority of cases.


PR 02. Breakdown of assets by management

02.1. Provide a breakdown of your organisation’s property assets based on who manages the assets.

Property assets managed by

Breakdown of your property assets (by number)

Managed directly by your organisation

Managed via third-party property managers appointed by you

Managed by other investors or their property managers

Managed by tenant(s) with operational control

Total

100%

02.2. Additional information. [Optional]

Lendlease Investment Management (LLIM) AUM is comprised of a large proportion of assets in shopping malls and offices that are directly managed.

There is a small minority (3 properties by number) of assets managed by other investors and their property managers.

LLIM industrial assets are predominantly managed by tenants with operational control. The higher percentage breakdown in this circumstance reflects the greater physical quantum of industrial assets than offices and shopping centres in LLIM. In cases of assets with common areas and multiple tenants, these areas are managed directly by LLIM. If this was considered by floor area, the quantity of assets managed by tenants with operational control would be significantly reduced relative to the overall floor area of assets under management by LLIM.


PR 03. Largest property types

03.1. Indicate up to three of your largest property types by AUM.

Types

Main property types (by AUM)

Largest property type

Second largest property type

Third largest property type

03.2. Additional information.


PR 04. Responsible Property Investment (RPI) policy

New selection options have been added to this indicator. Please review your prefilled responses carefully.

04.1. Indicate if your organisation has a Responsible Property Investment (RPI) policy.

04.3. Provide a brief overview of your organisation’s approach to responsible investment in property, and how you link responsible investment in property to your business strategy.

Lendlease Investment Management (LLIM) first released a Responsible Property Investment Policy (RPI Policy) in June 2007. The RPI Policy creates a formal framework for the environment, social governance (ESG) and safety factors for all Lendlease managed funds. The RPI Policy is reviewed and re-endorsed by trustee boards annually.

LLIM’s RPI Policy commits it to the following actions:

- Formally evaluating the impacts and risks of ESG issues in its investment and management decision making;
- Developing and implementing sustainability strategies for each of its funds, globally, that address Lendlease's operating principles and key sustainability focus areas. The strategies clearly articulate the sustainability aspirations and performance targets for assets and portfolios, addressing the key ESG factors that will govern how each existing asset and acquisition will contribute to investment value in both sustainable and financial terms;
- Measuring and reporting on ESG criteria;
- Using ESG green rating tools and labels, where they exist, to benchmark and disclose the ESG performance of our assets and portfolios;
- Engaging and sharing knowledge with stakeholders on ESG issues related to responsible property investment practices, promoting the PRI;
- Collaborating with industry bodies, government agencies and like-minded stakeholders on tools, labels and incentives which promote sustainable ESG performance in the property and investment industries;
- Reporting progress annually against its actions.

The fund specific sustainability strategies described above provide clear ESG guidelines, objectives, commitments and targets for each Lendlease managed property fund.

Importantly, within these strategies each fund acknowledges the sustainability aspirations of the broader Lendlease Group and states its alignment with the Group's key sustainability objectives.


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