Kuala Lumpur, 22 December 2025: Lendlease today announced that it has secured a new capital partner for its flagship development in Malaysia, The Exchange TRX, marking further progress in the Company’s capital recycling program.
The announced investment by a Malaysian family office comprises the acquisition of a 40% interest in The Exchange TRX retail mall from Lendlease and its full 60% interest in the office asset. The transaction, for approximately RM1.1bn, reflects the precinct’s strong performance and appeal as a major draw for visitors, retailers and businesses.
Since opening in 2023, the retail mall has welcomed a high calibre of tenants, including Apple’s first retail store in Malaysia, and the national debut of brands such as Gentle Monster, Alo Yoga, Molton Brow. In its first year of trading, the mall turned over MYR2.64 billion in sales and welcomed 45 million visitors. As Lendlease’s largest integrated development in Asia, The Exchange TRX has fast become Malaysia’s pre-eminent destination for retail, dining, living and entertainment.
Lendlease will continue to hold a 20% interest in the retail mall and continue to provide asset and property management services to The Exchange TRX assets. Lendlease will also retain a 60% interest in the residential land plots, as well as a 60% interest in the completed hotel. The transaction is subject to the satisfaction of conditions precedent and is targeted to complete in the second half of FY26.
Quotes attributable to Mr Justin Gabbani, CEO Investment Management Lendlease:
“The strong performance of The Exchange TRX highlights the quality and appeal of the precinct, and introducing an established Malaysian partner is a strong endorsement of that success.
“Today’s announcement underscores confidence in the precinct’s long-term potential and growth, and the quality of assets we’ve created. Combining our sector expertise with local investment, we are well positioned to build on the precinct’s momentum and drive even greater value for customers and partners.”
Quote attributable to Mr Stuart Crow, CEO Capital Markets Asia Pacific, JLL:
“JLL is delighted to have assisted Lendlease in The Exchange TRX transaction. Investor demand remains strong for genuine mixed-use assets that generate diversified income streams and best in class environments for occupiers.
“The Exchange TRX has reshaped Kuala Lumpur’s skyline and is now firmly established as Kuala Lumpur’s pre-eminent retail, commercial and entertainment destination. Its position as arguably the market’s most desirable new address is underpinned by its scale, quality and strategic positioning within the TRX precinct.”
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For media enquiries, please contact:
Joyce Lim
Communications Manager
Mob: +65 9239 6321
joyce.lim@lendlease.com
About Lendlease
Lendlease is a market-leading Australian real estate group. Headquartered in Sydney, we are listed on the Australian Securities Exchange. Our core capabilities are reflected in our operating segments of Investments, Development and Construction. The combination of these three segments provides a sustainable competitive advantage in delivering innovative solutions for our customers. For more information, please visit: www.lendlease.com