GLOBAL SPONSOR, STRONG PIPELINE
Listed on 2 October 2019, Lendlease Global Commercial REIT (“LREIT”) is a Singapore real estate investment trust established with the principal investment strategy of investing, directly or indirectly, in a diversified portfolio of stabilised income-producing real estate assets1 located globally, which are used primarily for retail and/or office purposes.
Its portfolio comprises leasehold interest in two properties in Singapore namely Jem (office and retail property) and 313@somerset (retail property) as well as freehold interest in three grade-A office buildings, Sky Complex, in Milan. Other investment includes development of a multifunctional event space on a site adjacent to 313@somerset.
LREIT is managed by Lendlease Global Commercial Trust Management Pte. Ltd. (the “Manager”), an indirect wholly-owned subsidiary of the Sponsor.
1 “A stabilised income-producing real estate asset” means a real estate asset which meets the following criteria as at the date of the proposed offer: (i) achieved a minimum occupancy of at least 80%; (ii) achieved an average rental rate comparable to the market rental rate for similar assets as determined by the valuer commissioned for the latest valuation of the relevant asset; (iii) (if the asset is being acquiredrom the Lendlease Group) LREIT being satisfied that there are no material asset enhancement initiatives required within two years of the acquisition of such asset; and (iv) is suitable for acquisition by LREIT taking into account market conditions at the time of the proposed offer.