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LendLease appoints Citigroup, DBS as managers of A$1B S-REIT's IPO

LendLease Group sought the help of Citigroup Inc. and DBS Bank Ltd. to manage the planned listing of its Lendlease Global Commercial REIT on the Singapore stock exchange, The Australian reported.

The appointment of the banks follows the Australian property group's meetings with investors as part of the preparations for Lendlease Global's impending launch, the May 23 report added.

Lendlease Global has the capacity to hold more than A$1 billion of assets worldwide. Its initial portfolio is expected to include properties held by the A$600 million Lendlease Sub-Regional Retail Fund, as well as shopping centers across Australia, a Singapore mall and an office building in Milan, according to the paper.