Lendlease has announced a significant partnership with a Malaysian family office, selling a 40% interest in The Exchange TRX retail mall and its entire 60% stake in the adjacent office asset. This transaction, valued at approximately $234m (RM1.1b), marks a pivotal step in Lendlease’s capital recycling programme and highlights the strong performance and appeal of the Kuala Lumpur-based precinct.
Since its opening in 2023, The Exchange TRX has rapidly become a leading retail destination in Malaysia, attracting high-profile international brands such as Apple, Gentle Monster, Alo Yoga, and Molton Brown. In its inaugural year, the mall achieved $561m (RM2.64b) in sales and welcomed 45 million visitors, reinforcing its status as a major draw for both shoppers and retailers.
Lendlease will maintain a 20% stake in the retail mall and continue to manage the assets, whilst retaining a 60% interest in the residential land plots and the completed hotel. The transaction is expected to finalise in the second half of FY26, pending the satisfaction of conditions precedent.
Justin Gabbani, CEO of Investment Management at Lendlease, remarked, “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.” Stuart Crow, CEO of Capital Markets Asia Pacific at JLL, added, “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.”
This partnership underscores confidence in the long-term potential of The Exchange TRX, positioning it as a key player in Kuala Lumpur’s evolving urban landscape.
