Lendlease Annual Report 2024

16 Lendlease Annual Report 2024 Investments Our Investments segment earnings are derived from funds and assets under management and contributions from our directly held co- investment portfolio. $47.3b Funds under management Funds management For decades, we have managed funds and assets for some of the world’s largest real estate investors. We currently manage $47.3b of funds on behalf of more than 70 capital partners, many of which are invested with us across multiple products and regions. They include large sovereign wealth funds, superannuation funds and insurance companies. We have existing scale investment platforms in Australia and Asia, and over recent periods have invested in strengthening our teams in the UK and US. Approximately 60 per cent of our funds under management (FUM) is currently derived from Australia, with 40 per cent from offshore. Our product offering comprises 44 funds and mandates and is well diversified across asset classes and geographies. Asset creation Our develop-to-core products, created from our development pipeline, typically contribute to FUM growth. This year, there were a number of development completions supporting our combined funds and assets under management including: Workplace Melbourne Quarter Tower , the third and final commercial asset at Melbourne Quarter, was completed. The building was sold to the National Pension Service of Korea (NPS) in 2021, with the investment being managed by Lendlease. Chicago: The Reed Southbank