LendLease Group's Lendlease Global Commercial REIT said the public offering of its IPO in Singapore was 14.5 times subscribed, the highest among all the REITs listed on the bourse's main board in five years, according to a news release.
LendLease REIT raised S$686.8 million from its offering of 387,474,987 units at 88 Singapore cents apiece with the support of 13 cornerstone investors including BlackRock Inc., Fullerton Fund Management Co. Ltd., Lion Global Investors Ltd., Nikko Asset Management Asia Ltd., Principal Asset Management (S) Pte. Ltd. and TMB Asset Management Co. Ltd.
The company, which will begin trading on the bourse Oct. 2, expects a 5.8% distribution yield for fiscal 2020 and then a year-over-year growth of 3.6% for fiscal 2021. It has a portfolio with an appraised value of approximately S$1.41 billion as of July 31.
DBS Bank Ltd. and Citigroup Global Markets Singapore Pte. Ltd. are the joint global coordinators, book runners and underwriters for the offering, the REIT added.
As of Oct. 1, US$1 was equivalent to S$1.39.
