Lendlease Group has established a joint venture with SoftBank Group to develop and own telecom infrastructure assets in the United States. Initially, the $400 million joint venture plans on buying 8,000 towers and rooftop sites.
The joint venture, to be known as “Lendlease Towers,” will focus on partnering with major carriers to roll out further phases of their infrastructure expansion plans. The aim is to create a geographically diverse portfolio of rooftop and tower assets through both a development and an acquisition-based strategy.
Lendlease and SoftBank have each committed $200 million equity, and as growth occurs, will look to introduce capital partners. The initial $400 million has been allocated to fund the acquisition and strategic restructure of 8,000 existing telecom sites, including rooftops and other structures, across the United States. Lendlease Towers will target $5 billion of telecom infrastructure assets over the medium term.
Lendlease has been appointed the joint venture manager, asset manager and development manager.
“Consistent with our strategy of focusing on growing demand for infrastructure, we’ve identified the telco infrastructure sector as an opportunity to deploy our integrated business model,” Lendlease CEO Americas, Denis Hickey said. “Lendlease has a long-standing relationship with SoftBank in Japan.”