• Lendlease in late-stage negotiations for 50/50 UK development JV with The Crown Estate
• JV aims to release longer-dated capital, halve future funding obligations, accelerate master planning
• Lendlease to earn fees as master developer, with costs expected to be self-funding

Lendlease Corporation Limited has acknowledged a UK media report of negotiations in respect to its development portfolio in the UK. In line with the Group's strategy announced in May 2024, Lendlease is aiming to accelerate the release of capital from international development through capital partnering, joint ventures and land sales, while maximising the value it has created across the portfolio. Negotiations are in the late stages with The Crown Estate to enter a 50/50 joint venture (JV) for six development projects within Lendlease's UK development portfolio. The purpose of the JV is to release longer-dated capital at or slightly above book value, halve Lendlease's future funding obligations, accelerate master planning with Government clients, and generate future fee income. If concluded, the arrangements being negotiated contemplate that Lendlease will earn fees as master developer of existing projects on behalf of the JV, with the cost to progress master planning and create further value expected to be self-funding through portfolio land sales. Lendlease's immediate focus would be to continue to progress its master planning obligations, while retaining the rights for any vertical developments. Lendlease expects the joint venture will create an industry-leading alliance with deep sector and local experience to accelerate planning and project delivery. An announcement will be made should a binding agreement be concluded.