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Lendlease Global Commercial REIT seeks to raise S$740M in Singapore IPO

Australia-based LendLease Group's Lendlease Global Commercial REIT is seeking to raise up to S$740 million in its proposed IPO in Singapore, Bloomberg News reported Sept. 16, citing a prospectus filed the same day.

The real estate investment trust will offer 841.3 million units at 88 Singapore cents apiece. The offer price represents forecast annualized yields of 5.8% and 6.01% for the fiscal years 2020 and 2021, respectively.

According to the prospectus, 13 cornerstone investors, including BlackRock Inc., DBS Group Holdings Ltd., Lion Global Investors Ltd. and a Temasek Holdings (Pte.) Ltd. fund, will take up 453.8 million shares in the IPO. Lendlease is expected to commence taking investor orders as soon as Sept. 17, Bloomberg reported, citing anonymous sources familiar with the matter.

Lendlease Global Commercial REIT will initially hold a leasehold interest in a retail property in Singapore and a freehold office asset in Milan, Italy.

DBS and Citigroup Inc. are arranging the offering.

As of Sept. 13, US$1 was equivalent to S$1.37.