Lendlease Group (ASX:LLC) has launched a joint venture with The Crown Estate to unlock value from a real estate development portfolio in the UK, according to a Wednesday filing with the Australian bourse.

The Impact Partnership Joint Venture has a 24 billion pound sterling pipeline of future development assets, and aims to deliver up to 30,000 new residential dwellings and more than 900,000 square meters of sustainable office and life science space, per the filing.

The launch of the venture immediately releases around AU$115 million of additional Lendlease capital, reduces the company's funding costs, and halves its future funding commitments, it said.

The joint venture's work on an affordable housing offer at the 60-acre Silvertown development is due to start in the next few months, while a planning application for Euston Station is scheduled for submission in fiscal year 2027.

Lendlease Group shares fell 2% in recent Wednesday trade.