Lendlease REIT to Acquire 70% of PLQ Mall to Expand its Suburban Retail Portfolio in Singapore

SINGAPORE, Nov 5 (Bernama) -- Lendlease Global Commercial Trust Management Pte. Ltd. (the “Manager”), the manager of Lendlease Global Commercial REIT (“Lendlease REIT”), is pleased to announce that DBS Trustee Limited, in its capacity as trustee of Lendlease REIT (the “Trustee”), has entered into (a) a unit purchase agreement with an unrelated third-party (the “Seller”) to acquire 70% indirect interest in PLQ Mall (the “Property”) via the acquisition of 70% of the total issued units in PLQM Trust, which holds an approximately 100% interest in the Property; and (b) a share purchase agreement with the Seller to acquire a 70% interest in the trustee-manager of PLQM Trust.

Upon completion of the transaction, Lendlease REIT’s total asset value will increase to S$3.9 billion (post completion of the Jem Office Divestment by 12 November 2025) with Singapore representing 89% of the portfolio. This reflects the continued execution of Lendlease REIT’s Singapore-focused growth strategy to acquire higher-yielding assets with long-term income growth potential.