Street Talk

Lendlease, investors banker up as Mirvac’s $10b land grab kicks off

Sarah Thompson, Kanika Sood and Emma Rapaport

Jul 9, 2025 – 4.36pm

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The tussle over the $10 billion Australian Prime Property Fund empire run by Lendlease is getting serious with heavyweight investors including Hostplus, TCorp and UniSuper bringing on Jarden and Clayton Utz to help advise them on whether to turf the property giant and bring in Mirvac.

The showdown is a painful echo of the brawl between the $8.6 billion Mirvac and Dexus over a $7 billion office tower fund originally run by AMP Capital three years ago. Ultimately, Mirvac won out in a big blow to Dexus, which, at the time, was helmed by Darren Steinberg.

Sarah Thompson has co-edited Street Talk since 2009, specialising in private equity, investment banking, M&A and equity capital markets stories. Prior to that, she spent 10 years in London as a markets and M&A reporter at Bloomberg and Dow Jones.

Kanika Sood is a journalist based in Sydney who writes for the Street Talk column.

Emma Rapaport is a co-editor of the Street Talk column. Prior to that, she was a markets reporter at The Australian Financial Review.