Lendlease Global Commercial REIT Completes Upsized Private Placement to Fund Major Acquisition

Key Highlights for Investors

• Private placement upsized to S\$280 million from the initial S\$270 million due to strong investor demand.
• Issue price of S\$0.602 per New Unit, representing a 3.7% discount to the adjusted volume-weighted average price (VWAP) of S\$0.6253 per Unit.
• Placement approximately 3 times covered with robust participation from a diverse mix of new and existing unitholders, including long-only funds, real estate specialists, private wealth, and multi-strategy investors.
• Proceeds to finance the acquisition of a 70% interest in PLQ Mall, a strategic retail asset, as previously announced.
• New Units expected to be issued around 14 November 2025.

Detailed Article

Lendlease Global Commercial Trust Management Pte. Ltd., the manager of Lendlease Global Commercial REIT (“Lendlease REIT”), has announced the successful completion of its private placement exercise, which was launched on 5 November 2025. Due to overwhelming investor interest, the placement was upsized by S\$10 million to a total of approximately S\$280 million.

The placement was approximately three times covered, indicating exceptionally strong demand from both new and existing investors. The investor base included long-only funds, real estate specialists, private wealth clients, and multi-strategy funds, highlighting the market’s confidence in Lendlease REIT’s strategic direction and operational performance.

The New Units were priced at S\$0.602 each, a 3.7% discount to the adjusted VWAP of S\$0.6253 per Unit (the adjusted VWAP was calculated based on recent market trades and subtracting an estimated advanced distribution of about 1.33 Singapore cents per Unit). The discounted placement price could be perceived as attractive for institutional and sophisticated investors, while potentially setting a near-term pricing reference point for the broader market.

Purpose of the Placement: The gross proceeds from the private placement will be substantially used to finance the recently announced acquisition of a 70% interest in PLQ Mall. This acquisition is expected to expand and diversify Lendlease REIT’s portfolio, potentially contributing to future earnings and distribution growth for unitholders.

CEO Mr. Guy Cawthra commented on the transaction: “We are extremely pleased with the outcome of the private placement, and the strong support from investors. The robust demand reflects a high level of confidence in our strategy, performance to date and drives our commitment to delivering sustainable value for all stakeholders.”

The New Units are scheduled to be issued on or around 14 November 2025.

About Lendlease Global Commercial REIT

Listed on 2 October 2019, Lendlease REIT’s principal investment strategy is to invest, directly or indirectly, in a diversified portfolio of stabilized income-producing real estate assets located globally, mainly for retail and office purposes. Its current portfolio comprises:

• Leasehold properties in Singapore: Jem (suburban retail) and 313@somerset (prime retail)
• Freehold interest in three Grade A commercial buildings in Milan, Italy
• A stake in Parkway Parade (office and retail property)
• Development of a multifunctional event space adjacent to 313@somerset

The total net lettable area of these assets is approximately 2.0 million square feet, with an appraised value of S\$3.76 billion as at 30 June 2025.

The REIT is managed by Lendlease Global Commercial Trust Management Pte. Ltd., an indirect wholly-owned subsidiary of Lendlease Corporation Limited, a leading Australian integrated real estate group listed on the Australian Securities Exchange.

The REIT’s objectives are to provide unitholders with regular and stable distributions, achieve long-term growth in distribution per unit and net asset value, and maintain an appropriate capital structure.

Shareholder Considerations and Price-Sensitive Information

• Major acquisition funding: The use of proceeds to acquire a significant stake in PLQ Mall could increase the REIT’s earnings base and asset diversification. This strategic move has the potential to positively impact future distributions and NAV, which are key drivers of unit price performance.
• Strong investor demand and discount: The fact that the placement was upsized and three times covered at a discount suggests strong institutional support and could signal confidence in the REIT’s near-term outlook.
• Dilution and pricing impact: The issue of new units at a discount to recent trading prices may result in some near-term dilution for existing unitholders, but is balanced by the anticipated accretion from the PLQ Mall acquisition.
• Future distributions: Investors should note that the estimated advanced distribution (about 1.33 Singapore cents per Unit) is based on current estimates and may differ, which could affect short-term yield calculations.

Important Notices

This announcement is for information only and does not constitute an offer, invitation, or solicitation to purchase or subscribe to Lendlease REIT securities in Singapore or elsewhere. The value of units and income derived from them may fall as well as rise. Units are not guaranteed by the manager, trustee, or affiliates. Investment in the REIT is subject to risks, including loss of principal. Past performance is not indicative of future results. Please seek professional advice before making investment decisions.

View Lendlease Reit Historical chart here