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.