Lendlease Annual Report 2022

136 Lendlease Annual Report 2022 Notes to Consolidated Financial Statements continued INTEREST SHARE OF PROFIT NET BOOK VALUE June 2022 June 2021 June 2022 June 2021 June 2022 June 2021 12.a. Associates % % $m $m $m $m Australia Investments Lendlease Communities Fund 1 - 20.8 - - - 3 Lendlease Sub Regional Retail Fund 1 10.0 10.0 6 1 25 25 Lendlease Real Estate Partners 4 33.3 - 1 - 34 - Other - - 5 5 Total Australia 7 1 64 33 Asia Investments Lendlease Global Commercial REIT 26.2 25.9 30 4 485 249 Lendlease Asian Retail Investment Fund 1 48.7 48.7 - - 4 4 Lendlease Asian Retail Investment Fund 2 39.8 39.4 6 (1) 41 32 Lendlease Asian Retail Investment Fund 3 - 15.1 8 1 - 123 Total Asia 44 4 530 408 Americas Investments Other 3 3 4 3 Total Americas 3 3 4 3 Total Group 54 8 598 444 Less: Impairment - - - (3) Total associates 54 8 598 441 1. Although the Group has a 10 per cent ownership interest in Lendlease Sub Regional Retail Fund, it holds at least 20 per cent of the voting rights over the fund and has significant influence over the investment. As a result, the Group applies equity accounting for its ownership interest. INTEREST SHARE OF PROFIT NET BOOK VALUE June 2022 June 2021 June 2022 June 2021 June 2022 June 2021 12.b. Joint Ventures % % $m $m $m $m Australia Investments Lendlease Retirement Living Trust 25.1 50.0 63 40 526 952 Lendlease DTC Industrial Trust 50.0 - (6) - 161 - Other - (1) - - Development Development - Investment Property Circular Quay Tower - 20.0 31 15 - 150 Victoria Cross 75.0 75.0 - 2 153 132 Development - Inventory Melbourne Quarter R1 50.0 50.0 1 5 35 64 North East Link 20.0 - (1) - 153 - Frankston Hospital 50.0 - - - 88 - One Sydney Harbour R1 Trust 75.0 75.0 1 - 240 111 One Sydney Harbour R2 Trust 75.0 75.0 - - 205 146 Other Development 2 - 15 25 Total Australia 91 61 1,576 1,580 Section B. Investment continued 12. Equity Accounted Investments continued