Lendlease Investment Management (LLIM)'s AUM is comprised of a large proportion of assets in shopping centres and commercial offices that are directly managed.
A small minority (3 shopping centres and 1 commercial office property by number) of assets are managed by joint-venture partners and jointly appointed property managers. Whilst these assets are managed by JV partners, they are managed in accordance with LLIM's principles, policies and procedures in accordance with our Responsible Property Invesmtent Policy Statement and the relavant fund specific sustainability strategy.
LLIM's industrial assets are predominantly managed by tenants with operational control. The percentage allocated (10-50% by number of total assets in LLIM) in this circumstance reflects the greater number 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.