Rear Window

The former Wallaby with his head in the Lendlease ruck

Damien Frawley’s Hostplus threw a bomb at the troubled ASX-listed property giant. Another company where he sits on the board stands to benefit.

Mark Di StefanoColumnist

Jul 22, 2025 – 5.41pm

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When an opposing player is lying on the ground, you’re not supposed to ruck the head. Simple rule? No one seems to have told Hostplus, which is lashing out at Lendlease’s Tony Lombardo right where it’ll hurt the most.

Lombardo has been trying to ease unrest over Lendlease’s management of Australian Prime Property Funds (APPF). It’s a $10 billion unlisted collection of industrial, office and shopping assets. Having temporarily quelled his own narky investors David Di Pilla and John Wylie, Lombardo now has Hostplus trying to rip the reins (and management fees) from him.

Mark Di Stefano is Rear Window columnist, based in the Sydney newsroom. He previously worked at BuzzFeed, the Financial Times and The Information before joining the Financial Review as a media and tech correspondent.