Dutch $293 Billion Pension Fund PGGM Investment Management Forms $755 Million Japan Logistics & Office Assets Modernisation Partnership (Lendlease Japan Modernisation Partnership) with Australia $1.4 Billion Real Estate Group Lendlease to Focus on Upgrading or Repositioning Assets with Initial Focus on Greater Tokyo & Greater Osaka, PGGM Investment Management WIll Invest 95% & Lendlease 5%
19th July 2026 | Hong Kong
Dutch $293 billion pension fund PGGM Investment Management has formed a $755 million Japan logistics & office assets modernisation partnership (Lendlease Japan Modernisation Partnership) with Australia real estate group Lendlease ($1.4 billion market value) to focus on upgrading or repositioning logistics & office assets with initial focus on Greater Tokyo & Greater Osaka. PGGM Investment Management will invest 95% & Lendlease 5%. Announcement (17/7/26): “Lendlease today announced the establishment of the Lendlease Japan Modernisation Partnership (LLJMP), a new investment partnership with Dutch pension fund manager PGGM to pursue a Japan value-add strategy focused on modernising logistics and office assets in key Japanese cities. The partnership has an investment capacity of up to JPY120 billion (~A$1.1 billion or ~€660 million) and will focus on acquiring well-located logistics and office assets in Japan, with an initial emphasis on the Greater Tokyo and Greater Osaka regions. The partnership will focus on assets that can be upgraded and repositioned to better meet changing tenant and customer needs. Lendlease will hold a minority co-investment of 5%. Drawing on Lendlease’s expertise across investment management, development and project management, the partnership will seek to enhance the performance of well-located assets through active asset management and modernisation. This may include large-scale renovations, asset conversions, extensions and expansions, leveraging Lendlease’s real estate, development and project management expertise. The establishment of LLJMP further strengthens Lendlease’s growing suite of investment vehicles across Asia Pacific, while maintaining a distinct investment strategy focused on Japan’s logistics and office sectors.”
“ Dutch $293 Billion Pension Fund PGGM Investment Management Forms $755 Million Japan Logistics & Office Assets Modernisation Partnership (Lendlease Japan Modernisation Partnership) with Australia $1.4 Billion Real Estate Group Lendlease to Focus on Upgrading or Repositioning Assets with Initial Focus on Greater Tokyo & Greater Osaka, PGGM Investment Management WIll Invest 95% & Lendlease 5% “
![](https://www.caproasia.com/wp-content/uploads/2025/08/Air-Charter-Service-728x90-1.png")
Penny Ransom, Chief Executive Officer, Investment Management, Lendlease: “Japan remains one of the world’s most attractive real estate markets, underpinned by compelling structural opportunities in the logistics and office sectors. This milestone reflects an extension of the successful value-add strategy we have delivered in Japan, while building upon our strong momentum in data centre activities in this market. We are pleased to further extend on our longstanding collaboration with PGGM through this new partnership, which reflects our shared conviction in the long-term opportunities presented by the Japanese market.”
Jikke de Wit, Senior Director Private Real Estate, PGGM: “Our continued partnership with Lendlease reflects our confidence in both Japan’s long-term real estate fundamentals and Lendlease’s ability to identify and unlock value through active asset management. We believe the logistics and office sectors in Japan present attractive opportunities for modernisation to meet changing occupier requirements, with the mandate forming a strong fit with PGGM’s 3D investing strategy which balances risk, return and sustainability requirements. By combining our long-term capital with Lendlease’s local expertise and execution capabilities, we are well positioned to deliver resilient returns for our pension fund client PFZW while supporting the evolution of high-quality real estate in Japan.”
Lendlease – Lendlease is an international real estate group listed on the Australian Securities Exchange. Our core capabilities are reflected in our operating segments of Investments, Development and Construction. We draw on this expertise to realise opportunities that create real value and returns for our partners and customers, as well as the communities who experience the places we shape.
PGGM Investment Management – PGGM Investment Management is part of the Dutch not-for-profit pension fund service provider PGGM. It fulfils a social mandate: the sustainable investment of the pension capital of around three million participants of PFZW, the pension scheme for the Dutch health and welfare sector. On 31 March 2026, PGGM IM managed EUR 256.5 billion in public and private markets globally.
Dutch $293 Billion Pension Fund PGGM Investment Management Forms $755 Million Japan Logistics & Office Assets Modernisation Partnership (Lendlease Japan Modernisation Partnership) with Australia $1.4 Billion Real Estate Group Lendlease to Focus on Upgrading or Repositioning Assets with Initial Focus on Greater Tokyo & Greater Osaka, PGGM Investment Management WIll Invest 95% & Lendlease 5%
Caproasia Users
- Manage $20 million to $30 billion of assets
- Invest $3 million to $300 million
- Advise institutions, billionaires, UHNWs & HNWs
Caproasia Platforms | 11,000 Investors & Advisors
- Caproasia.com
- Caproasia Access
- Caproasia Events
- The Financial Centre | Find Services
- Membership
- Family Office Circle
- Professional Investor Circle
- Investor Relations Network
Monthly Roundtable & Networking
Family Office Programs
The 2026 Investment Day
- March - Hong Kong
- March - Singapore
- April - Hong Kong
- April - Singapore
- July - Hong Kong
- July - Singapore
- Sept- Hong Kong
- Sept - Singapore
- Oct- Hong Kong
- Nov - Singapore
- Visit: The Investment Day | Register: Click here
Caproasia Summits
- The Institutional Investor Summit
- The Investment / Alternatives Summit
- The Private Wealth Summit
- The Family Office Summit
- The CEO & Entrepreneur Summit
- The Capital Markets Summit
- The ESG / Sustainable Investment Summit
