Lendlease Global Commercial REIT boosts stake in Jem by 31.8%

Lendlease plans to acquire a $159.1m stake in Lendlease Jem Partners Fund Limited.

Lendlease Global Commercial REIT (LREIT) will increase its stake in Jem mall by 31.8% through its trustee RBC Investor Services Trust Singapore Limited.

LREIT will acquire a 53% interest in Lendlease Jem Partners Fund Limited (LLJP) from third party vendors for $159.1m and a 5% interest in Lendlease Asian Retail Investment Fund 3 Limited (ARIF3) from Lendlease International Pty Limited for $45m. The Trustee may also acquire up to 19.8% interest in ARIF3 from other third-party investors for $178.2m.

Upon completion of the proposed acquisition, LREIT will hold an effective indirect interest of up to 31.8% in Jem.

Chief executive officer of LREIT’s manager, Lendlease Global Commercial Trust Management Pte. Ltd., Kelvin Chow described the acquisition price as attractive for “a high-quality asset like Jem.”

“Following the acquisition, the enlarged portfolio size of $1.8b will have a diversified asset base and an increased exposure to more resilient suburban retail and decentralised office segments. The single largest asset by aggregate value of the enlarged portfolio would also have decreased from 67.6% to 55.1%. The proposed acquisition will therefore enhance LREIT’s income diversification,” Chow added.

Follow the link s for more news on

Lendlease Global Commercial REIT

stakes

mergers and acquisitions

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia