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Lendlease REIT kicks off public offering ahead of listing in Singapore

Australia's LendLease Group on Sept. 25 kicked off the public offering of Lendlease Global Commercial REIT in Singapore.

The REIT is seeking to raise S$341.0 million from selling 387,474,987 units at 88 cents apiece from the public offering, according to a same-day filing.

The REIT has raised S$686.8 million from selling new units to cornerstone investors and other trustees, bringing the total size of the IPO to S$1.03 billion, the filing said. Cornerstone investors include investment subsidiaries of BlackRock Inc., DBS Group Holdings Ltd. and Lion Global Investors Ltd., it added.

The REIT, whose properties have an appraised value of approximately S$1.41 billion as of July 31, is expected to start trading on the Singapore exchange Oct. 2.

The company expects a distribution of 3.82 cents per unit in the fiscal year ending June 30, 2020, translating to a distribution yield of 5.80%. The per-unit distribution is expected to rise to 5.29 cents in the following fiscal year, or a yield of 6.01%.

As of Sept. 25, US$1 was equivalent to S$1.38.