Lendlease Annual Report 2024

124 Lendlease Annual Report 2024 Notes to Consolidated Financial Statements continued INTEREST SHARE OF PROFIT NET BOOK VALUE June 2024 June 2023 June 2024 June 2023 June 2024 June 2023 12.a. Associates % % $m $m $m $m Australia Investments Lendlease Sub Regional Retail Fund 1 10.0 10.0 - (1) 1 8 Lendlease Real Estate Partners 4 33.3 33.3 (24) (24) 95 103 Other - (1) 4 4 Total Australia (24) (26) 100 115 Asia Investments Lendlease Global Commercial REIT 27.9 26.9 35 39 585 552 Lendlease Asian Retail Investment Fund 1 - 48.7 - - - 4 Lendlease Asian Retail Investment Fund 2 39.8 39.8 (8) (4) 29 38 Total Asia 27 35 614 594 Europe Investments Lendlease Elephant Park Plot H11B - Daiwa House 25.0 - (1) - 25 - Total Europe (1) - 25 - Americas Investments Winn Housing Services 20.0 20.0 3 2 1 4 Total Americas 3 2 1 4 Total Group 5 11 740 713 Less: Impairment - - - - Total associates 5 11 740 713 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 2024 June 2023 June 2024 June 2023 June 2024 June 2023 12.b. Joint Ventures % % $m $m $m $m Australia Investments Lendlease Retirement Living Trust 25.1 25.1 33 26 573 544 Lendlease DTC Industrial Trust - - - 3 - - Other - (1) 7 2 Development Development - Investment Property Victoria Cross 75.0 75.0 (57) (5) 260 187 Development - Inventory Melbourne Quarter R1 50.0 50.0 - 2 - 2 North East Link 20.0 20.0 5 2 176 155 Frankston Hospital 50.0 50.0 (1) - 109 90 One Sydney Harbour R1 Trust 75.0 75.0 183 - 43 396 One Sydney Harbour R2 Trust 75.0 75.0 - - 571 413 One Circular Quay 1 33.3 33.3 5 12 221 166 Other Development - 1 20 21 Total Australia 168 40 1,980 1,976 Section B. Investment continued 12. Equity Accounted Investments continued