LendLease Group is planning an IPO of its retail assets in Singapore to raise up to US$500 million, The (Singapore) Business Times reported, citing Thomson Reuters' IFR Asia.
The entity to be listed will take a real estate investment trust structure, according to the March 20 report.
A spokesperson for the multinational real estate company told the publication that LendLease will not comment on market speculations and that it regularly reviews new capital programs in regions where it operates.
Listed in Australia, LendLease has residential and commercial projects in the city-state that contribute to its A$34.1 billion worth of managed funds globally. It has four retail projects in Singapore that are listed on its website: the 50,000-square-meter Jem suburban mall; the eight-level 313@Somerset center, the company's first retail greenfield project in Asia; the 52,555-square-meter Parkway Parade suburban mall; and the Paya Lebar Quarter mall, which will offer 340,000 square feet of retail space when it opens in fiscal 2020.