Lendlease reportedly gunning for US$500 mil with intended retail REIT listing on SGX

Michelle Zhu

SINGAPORE (Mar 19): Australia-listed developer LendLease Group is planning to list a real estate investment trust (REIT) of its retail assets on the Singapore Exchange, according to sources of Thomson Reuters’ IFR Asia.

Citing people with knowledge of the transaction, the online article published today said the group is planning to raise up to US$500 million, or $675.3 million, from the listing.

The group itself, however, has yet to make any announcements on the ASX nor via its website as at the time of writing.

Completed commercial projects by Lendlease in Singapore include German semiconductor company Infineon Technologies’ Asia Pacific headquarters (2004), Orchard Road shopping centre 313@Somerset (2009), and Jurong’s mixed-use retail and commercial development, Jem (2014).

The group is also scheduled to launch its ongoing mixed-use development project, Paya Lebar Quarter, by this year.

When completed, Paya Lebar Quarter will comprise three Grade ‘A’ office towers with nearly a million sq ft of prime office space and amenities, a 340,000 sq ft retail mall, and three residential towers with a total of 429 apartments.

On Monday, iFR also reported that ARA Asset Management, which used to be listed on the Singapore Exchange and was taken private in 2017, also announced plans for a US$500 million US hospitality REIT IPO on the SGX.

As at 1.25pm SGT, shares in Lendlease are trading 14 Australian cents lower at A$12.36.