• Lendlease successfully prices S$400m perpetual subordinated hybrid securities
• Net proceeds to be used for debt repayment and general corporate purposes
• Enhances financial flexibility and broadens funding sources

Lendlease Corporation Limited has announced that it has successfully priced a S$400 million issue of perpetual subordinated hybrid securities to wholesale investors in the Singapore dollar fixed income market. The offer was oversubscribed. Pricing has been set at a fixed distribution rate of 3.90% per annum until the first optional redemption date in September 2030. The net proceeds will be used to repay existing debt and for general corporate purposes. This transaction represents an important component of the Group's ongoing capital management strategy, enhancing financial flexibility and broadening funding sources as Lendlease continues to execute on its corporate strategy and progresses planned capital recycling initiatives. The Singapore dollar issue complements Lendlease's broader activities in the region, including the A$3.4 billion development of Comcentre in Singapore, due for completion in FY28. The issue also provides flexibility as the Group seeks to realign the currency mix of its funding sources, with ~A$600 million of US$ denominated financing maturing in May 2026 and ~A$350m of S$ denominated financing maturing in April 2027. The hybrid securities are expected to be classified as equity for accounting purposes.