Lendlease Closes on $1.1 Billion in Financing for Improvements Across its Army Housing Portfolio, Announces Specific Plans for Five Installations

Lendlease Closes on $1.1 Billion in
Financing for Improvements Across
its Army Housing Portfolio,
Announces Specific Plans for Five
Installations
The $1.1 billion in committed funding from client accounts of Guggenheim
Investments to the Lendlease - Army partnership will expedite planned
improvements in the accelerated out year development program by several years

(Nashville, Tenn., April 20, 2021)

Lendlease, in partnership with the United States Army, today announced that it
has closed on $1.1 billion in financing that will allow it to execute on improvement
plans for privatized military housing communities located at five Army installations
over the next five years. As part of the approved scope of work, approximately
12,000 existing homes will be renovated and approximately 1,200 new homes will
be constructed.

The $1.1 billion financing was provided by client accounts of Guggenheim
Investments.

“With this $1.1 billion private capital investment, Lendlease is proud to begin work
across our Army housing portfolio, bringing new homes and improvements to our
communities and ensuring homes fully meet the needs of today’s military service
members and their families,” said Denis Hickey, CEO, Lendlease Americas.
“Privatization has allowed us to expedite our plans and we look forward to the
continued progress we’ll make over the next five years.”

Approved work is set to begin this year and will include the following:

   ● Campbell Crossing (Fort Campbell, Ky.): Approximately $235M invested
     in the demolition of 430 homes; the construction of more than 530 new
     JNCO homes; minor renovations at nearly 500 homes; and nearly 140 roof

replacements.

   ● Fort Drum Mountain Community Homes (Fort Drum, N.Y.):
     Approximately $45M invested in minor renovations at more than 700
     homes; installation of more than 650 new HVAC systems; and conducting
     siding and roof repairs on more than 300 homes.

   ● Fort Hood Family Housing (Fort Hood, Texas): Approximately $420M
     invested in the demolition of and subsequent new construction of nearly
     600 new JNCO homes; roof replacements on more than 2,300 homes; and
     medium renovations at more than 1,300 homes.

   ● Knox Hills (Fort Knox, Ky.): Approximately $80M invested in the
     construction of more than 60 new homes; installation of more than 740 new
     HVAC systems; and minor renovations at more than 570 homes.

   ● Island Palm Communities (Schofield Barracks, Wheeler Army Airfield,
     Hawaii): Approximately $30M invested in minor renovations at more than
     620 homes; more than 160 roof replacements; and the construction of four
     new playgrounds.

“In recent years, Lendlease has invested hundreds of millions of dollars for
improvements across our MHPI portfolio. Today’s announcement is further
evidence of our ongoing commitment to provide quality homes and community
resources to our military service members,” said Phillip Carpenter, Chief
Operating Officer, Lendlease Communities. “We continue to work closely
alongside Army stakeholders and our current residents to implement
improvements that best suit the needs of today’s military families.”

The U.S. Army announced approval of the negotiated terms for the development
plan in a release Jan. 27.

“Under the guidance of Army senior leaders to ensure readiness of our force and
quality of life for Soldiers and their families, we have reached an extraordinary
milestone with Lendlease,” said Gen. Ed Daly, commander of Army Materiel
Command. “This additional investment will go a long way in improving the quality
of homes for Soldiers and their families.”

The planned projects represent a continuation of Lendlease’s commitment to
provide the best homes and communities for military families now and into the
future. The anticipated scope acceleration resulting from this announcement is in
addition to the more than $600 million in out year development work currently
underway across the company’s Army and Air Force housing portfolio.

“Guggenheim Investments has long supported our nation’s military service
members through the Department of Defense’s Military Housing Privatization
Initiative,” said Scott Minerd, Chairman of Investments and Global Chief
Investment Officer of Guggenheim Partners. “With this transaction, we advance
our commitment to provide financing for the military on behalf of our clients, and
look forward to future opportunities to support the Defense Department’s
privatization initiative.”

Learn more about Lendlease’s Communities business here.

ENDS

For additional information, contact:
Bristol Rice
Inkhouse on behalf of Lendlease
lendlease@inkhouse.com

About Lendlease
Lendlease is a leading global real estate group with operations in Australia, Asia,
Europe and the Americas. Our purpose is to create value through places where
communities thrive.

Headquartered in Sydney, Australia, and listed on the Australian Securities Exchange,
Lendlease has approximately 9,500 employees internationally.

Our core capabilities are reflected in our operating segments of Development,
Construction and Investments. The combination of these three segments provides us with
a sustainable competitive advantage and allows us to provide innovative integrated
solutions for our customers.

In the US, Lendlease’s Communities business is one of the nation’s leaders in
public/private community development. We manage one of the largest military housing
portfolios in the US and are the Army's exclusive partner for lodging. With a focus on
creating sustainable value, Lendlease creates communities that regenerate our
environment, enrich people’s lives and foster economic growth. Lendlease has worked
extensively with the Department of Defense through the Military Housing Privatization
Initiative (MHPI), a program that provides for the transfer of military housing assets to
private sector companies. With over 40,000 residential units, 192 apartments and more
than 12,000 hotel rooms in its portfolio, Lendlease will finance, develop, build, renovate
and operate these sites for at least 50 years.

www.lendlease.com

About Guggenheim Investments
Guggenheim Investments is the global asset management and investment
advisory division of Guggenheim Partners, with more than $246 billion 1 in total
assets across fixed income, equity, and alternative strategies. We focus on the
return and risk needs of insurance companies, corporate and public pension
funds, sovereign wealth funds, endowments and foundations, consultants, wealth
managers, and high-net-worth investors. Our 300+ investment professionals
perform rigorous research to understand market trends and identify undervalued
opportunities in areas that are often complex and underfollowed. This approach to
investment management has enabled us to deliver innovative strategies providing
diversification opportunities and attractive long-term results.
1
 Assets under management is as of 12.31.2020 and includes leverage of $13.7bn. Guggenheim Investments
represents the following affiliated investment management businesses of Guggenheim Partners, LLC:
Guggenheim Partners Investment Management, LLC, Security Investors, LLC, Guggenheim Funds
Distributors, LLC, Guggenheim Funds Investment Advisors, LLC, Guggenheim Corporate Funding, LLC,
Guggenheim Partners Europe Limited, GS GAMMA Advisors, LLC, and Guggenheim Partners India
Management.

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