KUALA LUMPUR, Dec 22 — Lendlease has sold a significant stake in its flagship The Exchange TRX development to a Malaysian family office for approximately RM1.1 billion, a landmark deal that underscores the massive success of the retail and commercial hub.
The transaction includes a 40 per cent interest in The Exchange TRX retail mall and Lendlease’s entire 60 per cent stake in the office tower, the firm said in a statement.
A family office is a private wealth management entity established by ultra-high-net-worth families to centrally oversee their financial affairs and investments, often structured as a single family office (SFO) for one family’s exclusive use.
The deal follows a stellar first year for The Exchange TRX’s retail mall. Since opening in 2023, the mall has recorded RM2.64 billion in sales and welcomed 45 million visitors.
It has also attracted a host of high-profile tenants, including Apple’s first retail store in Malaysia and the national debut of popular brands like Gentle Monster and Alo Yoga.
Lendlease said the sale is part of its “capital recycling” programme, a strategy of selling mature assets to fund new developments.
Following the transaction, Lendlease will retain a 20 per cent interest in the retail mall, a 60 per cent interest in the hotel, and 60 per cent of the residential land plots.
The company will also continue to provide asset and property management services for the entire precinct.
The deal is targeted to be completed in the second half of the 2026 financial year.
Justin Gabbani, CEO of investment management at Lendlease, said the deal underscores “confidence in the precinct’s long-term potential and growth.”
The sentiment was echoed by the deal’s broker, JLL, which noted that investor demand remains strong for “genuine mixed-use assets that generate diversified income streams.”
Stuart Crow, JLL’s CEO of Capital Markets for Asia Pacific, added that The Exchange TRX is now “firmly established as Kuala Lumpur’s pre-eminent retail, commercial and entertainment destination.”
