Preferential Offering to Raise Approximately S$196.6 Million
ISSUE PRICE OF S$0.558 PER NEW UNIT
Preferential Offering to Entitled Unitholders on a pro rata basis of 119 New Units for every 1,000 Existing Units
Acquisition of 30% Stake in PLQ Mall
Lendlease REIT announced on 25 February 2026 the acquisition of an indirect 30% stake in PLQ Mall, bringing ownership to 100%. The agreed property value of S$885.0 million is a 2.2% discount to the Appraised Value and is the same as the agreed property value for the 70% interest acquired in November 2025.
Strategically located in the heart of Paya Lebar, PLQ Mall anchors the larger Paya Lebar Quarter mixed-use development as a vibrant urban lifestyle destination and offers superior convenience through its accessibility to Paya Lebar MRT Interchange.
With full ownership of this highly desirable suburban retail asset, Lendlease REIT will gain greater management and operational control of PLQ Mall to optimise tenant mix and enhance the asset to drive future growth. It also enables refinancing of existing borrowings to lower the cost of debt.
Key Benefits of the Acquisition
At the same compelling acquisition price of the 70% interest, translating to 2.2% discount to Appraised Value and a 4.5% NPI yield.
A continued execution of Lendlease REIT's Singapore‑focused strategy centred on income stability, with total assets rising to S$4.2 billion and ~90% of the portfolio in Singapore.
Full ownership enables greater flexibility to drive asset initiatives and debt refinancing, with potential savings of ~S$2 million p.a. in all‑in debt costs.
Best-in-class asset that anchors the Paya Lebar precinct with direct connection to dual MRT lines and access to multiple expressways.
Well-positioned to benefit from favourable demographic trends and limited retail supply.
Expected 2.1% DPU accretion, in-line with the 70% acquisition, while maintaining healthy gearing at ~38%.
1 Based on 1H FY2026 Financial Results.
Details of the Preferential Offering
- The Preferential Offering will fund the Acquisition and debt repayment at Lendlease REIT level to maintain a healthy gearing of ~38%.
- The issue Price of S$0.558 represents a ~6% discount to the VWAP of S$0.5934 on 24 February 2026.
Note: Any discrepancies on figures in this page are due to rounding; Please refer to announcement “Launch of Preferential Offering to Raise Gross Proceeds of Approximately S$196.6 Million” dated 25 February 2026 for details.
Indicative Timetable of the Preferential Offering
| Opening date and time for the Preferential Offering | Tuesday, 10 March 2026 at 9.00 a.m. |
| Last date and time for acceptance, application (if applicable) and payment for provisional allotments of New Units and Excess New Units |
Wednesday, 18 March 2026 at 5.30 p.m. |
| Expected date and time for commencement of trading of New Units | Thursday, 26 March 2026 at 9.00 a.m. |
|
Expected date for refund of unsuccessful applications |
Thursday, 26 March 2026 |
Procedures for Acceptance, Payment and Excess Application
Entitled Unitholders may accept their provisional allotments of New Units in full or in part, and (if applicable) apply for excess New Units via:
Method 1: The ARE accompanied by a Cashier’s Order/Banker’s Draft
Method 2: Online at investors.sgx.com and remittance via PayNow
Method 3: ATMs of DBS (including POSB), OCBC or UOB
CPFIS, SRS and/or Others: Entitled Unitholders who have applied for or purchased units in Lendlease REIT under CPFIS, SRS, or through finance companies and/or Depository Agents can only accept their provisional allotments of New Units and (if applicable) apply for excess New Units by instructing their respective approved banks in which they hold their CPFIS accounts and/or SRS accounts, the relevant finance companies and/or the relevant Depository Agents to do so on their behalf.
The instruction booklet of Lendlease REIT in respect of the Preferential Offering which has been appended to this announcement (the “Instruction Booklet”) and the ARE will be despatched to Eligible Unitholders on 10 March 2026.
The Instruction Booklet and ARE require the immediate attention of Eligible Unitholders.
Eligible Unitholders who wish to accept their provisional allotment of New Units under the Preferential Offering and if applicable, apply for the Excess New Units, will need to do so in the manner set out in the Instruction Booklet and ARE by 18 March 2026.
For full details on acceptance and application procedures, kindly refer to the Instruction Booklet and ARE below.