Key Takeaways
- • Lendlease has been selected as a global investment manager by KWAP (Kumpulan Wang Persaraan), Malaysia's largest public sector pension fund, under its Dana Pemacu initiative.
- • The mandate carries MYR 500 million in committed capital and could scale to MYR 1 billion (~A$360m) in real estate assets across Malaysia and Australia.
- • Target sectors include industrial, logistics, build-to-rent, data centres, healthcare and education.
- • The award follows Lendlease's recent $1.2b Aurora Place office mandate for National Pension Service (NPS) and new Japanese partners in the Lendlease Moorfields Investment Partnership in London.
Summary
Lendlease, the Sydney-based real estate group, announced on 11 July 2025 that it has been selected as a global investment manager to run an investment mandate for Kumpulan Wang Persaraan (Diperbadankan) [KWAP], Malaysia's largest public sector pension fund. The mandate sits under KWAP's flagship Dana Pemacu initiative.
According to Lendlease's announcement, the mandate has MYR 500 million in committed capital and can potentially grow to manage up to MYR 1 billion (approximately A$360 million) in real estate assets for KWAP across Malaysia and Australia. Targeted sectors include industrial, logistics, build-to-rent, data centres, healthcare and education. Lendlease said the mandate supports KWAP's diversification into higher-growth real estate segments while contributing to Malaysia's national development objectives and strengthening local sectoral capacity.
Justin Gabbani, CEO Investment Management at Lendlease, said the firm looks forward to partnering with KWAP, which he said would further strengthen the real estate and investment management markets in Malaysia and Australia. He added that Lendlease is focused on supporting KWAP's long-term investment objectives as it grows its network of global capital partners.
The announcement follows several recent mandates across Lendlease's Investment Management platform. These include the appointment to manage a $1.2 billion office mandate for Aurora Place in Sydney on behalf of existing capital partner National Pension Service (NPS), and the introduction of two Japanese investment partners, Sotetsu Urban Creates and Yasuda Real Estate, into the Lendlease Moorfields Investment Partnership in London. Lendlease characterised the KWAP award as an example of growing cross-border collaboration between institutional investors and global asset managers.
Lendlease's FY2025 full-year results reference the KWAP mandate at approximately $0.4 billion alongside other recent wins, indicating the mandate is part of a broader pipeline of new capital for the group's investment management business.
According to Lendlease's announcement, the mandate has MYR 500 million in committed capital and can potentially grow to manage up to MYR 1 billion (approximately A$360 million) in real estate assets for KWAP across Malaysia and Australia. Targeted sectors include industrial, logistics, build-to-rent, data centres, healthcare and education. Lendlease said the mandate supports KWAP's diversification into higher-growth real estate segments while contributing to Malaysia's national development objectives and strengthening local sectoral capacity.
Justin Gabbani, CEO Investment Management at Lendlease, said the firm looks forward to partnering with KWAP, which he said would further strengthen the real estate and investment management markets in Malaysia and Australia. He added that Lendlease is focused on supporting KWAP's long-term investment objectives as it grows its network of global capital partners.
The announcement follows several recent mandates across Lendlease's Investment Management platform. These include the appointment to manage a $1.2 billion office mandate for Aurora Place in Sydney on behalf of existing capital partner National Pension Service (NPS), and the introduction of two Japanese investment partners, Sotetsu Urban Creates and Yasuda Real Estate, into the Lendlease Moorfields Investment Partnership in London. Lendlease characterised the KWAP award as an example of growing cross-border collaboration between institutional investors and global asset managers.
Lendlease's FY2025 full-year results reference the KWAP mandate at approximately $0.4 billion alongside other recent wins, indicating the mandate is part of a broader pipeline of new capital for the group's investment management business.
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