Overview Key strengths Key risks Portfolio of prime-quality shopping centers in population growth corridors across Australia. Diminished portfolio size; any further erosion in the portfolio?s scale or quality could pressure the rating. Diverse tenant base, high occupancy, and well-spread lease expiry profile. Diminished rental income from completed asset divestments. Access to Lendlease Group?s integrated end-to-end business model and experienced asset management team. Weaker consumer sentiment and lower discretionary spending amid heightened cost-of-living pressures. Given the fund's diminished portfolio size, further erosion in the portfolio?s scale or quality could weigh on the rating. In particular, the next unitholder redemption window begins from November 2025. In preparation, we expect the fund manager to develop a liquidity strategy that enables the fund to
