Lendlease Global Commercial REIT's private placement subscribed 3.3 times
It sees an upsize to $400m from an initial size of $325m.
Lendlease Global Commercial REIT secured increased funding as the group’s private placement registered investment of $400m, up from the initial size of $325m.
Following the completion of the private placement, the closed-sale of stock shares saw 3.3 times the expected number of subscriptions. Individuals behind this demand include long-only institutional investors and real estate specialist funds.
With the use of the upsize option, a total of 551,700,000 new units were issued, or an upsize worth $75m.
“We are delighted with the excellent outcome of this private placement and thank all our unitholders and investors for their strong support and confidence in us. This is an important leap for us in delivering steady growing DPU and LREIT’s growth strategy,” said Kelvin Chow, CEO, Lendlease Global Commercial Trust Management Pte. Ltd.
An issue price of $0.725 was issued, lower than the adjusted volume-weighted average price of $0.7854 per unit. Proceeds gathered from the transaction will be used to finance the acquisition of the remaining interest in JEM.